Which of the following industries most closely approximates the perfectly competitive model? (1) Automobile (2) Cigarette (3) Newspaper (4) Wheat farming

Which of the following industries most closely approximates the perfectly competitive model? (1) Automobile (2) Cigarette (3) Newspaper (4) Wheat farming
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(4) Wheat farming Explanation: In economic theory, perfect competition describes markets such that no participants are large enough to have the market power to set the price of a homo-geneous product. The agricultural products are the most commonly used example of perfect competition. First of all, they are homogenous products and neither consumer nor producer has influence over prices, they are simply price takers.
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(Visual) In a March 1999 correspondence in the magazine Nature, Thomas Fink and Yong Mao of Cavendish Laboratory, Cambridge, investigated 85 of these and looked closely at four that are in widespread use. They also developed a mathematical model that mapped the 85 to random walks on a triangular lattice. What are these that many of struggle with initially to get right?

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