Is farming perfectly competitive?Consider whether the US farming industry is perfectly competitive. Go to:

https://www.ers.usda.gov/publications/pub-details/?pubid=43916

(Links to an external site.)

which is the "Structure and Finances of U.S. Farms: Family Farm Report, 2014 Edition" as the U.S. Department of Agriculture website (2014 is the latest report). Review the data at the website and take a quick look at the PDF documents at the website and then answer the following questions:

1. Does farming in the US have the characteristics of perfect competition? Why or why not?

2. Based on the data, is this industry slowly migrating towards another market structure? Which one? Why?

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