The market for tomatoes does not exhibit the two primary characteristics that define perfectly competitive markets.

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14-09-2017
Business

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The market for tomatoes does not exhibit the two primary characteristics that define perfectly competitive markets.

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Erudite1 Erudite1 · Answer 1 · 2017-09-23T08:45:12+02:00

Erudite1 Erudite1

23-09-2017

The statement above is FALSE.
The two primary characteristics that defined a perfectly competitive market are homogeneous product and large number of buyers and sellers. Tomato market has these two characteristics.
All the sellers sell the same tomato, the price of tomato is the same and the supplier are many, so none of the supplier can influence the price of tomato.

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