Question
One of the characteristics of a perfectly competitive industry is that all the firms have a standardized product. Please give an example of ONE U.S
One of the characteristics of a perfectly competitive industry is that all the firms have a standardized product. Please give an example of ONE U.S industry today where firms do NOT have a standardized product, so that the firms in the industry produce someone different products from each other. Thus the industry is NOT perfectly competitive. Do not use an industry from another country, or from the past.
Be sure to mention an industry which is made up of a number of firms, not one business producing different products.
Give only one example. If your answer has more than one industry, your grade will be based on your answer that is the most wrong. Three or more answers to this question will be further penalized.
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