Which of the following is the BEST example of a firm operating in a perfectly competitive market in the Caribbean?

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Question

Which of the following is the BEST example of a firm operating in a perfectly competitive market in the Caribbean?

Accepted Answer

A small tomato farmer in St. Elizabeth, Jamaica — Elizabeth, Jamaica. Award 1 mark for recognising that perfect competition requires many small sellers of homogeneous products with free entry/exit. A is incorrect — airlines operate in oligopolistic markets. C is incorrect — telecommunications often involve monopoly or oligopoly. D is incorrect — Angostura has monopoly power over its specific product.

Answer

LIAT airline services

Answer

A small tomato farmer in St. Elizabeth, Jamaica

Answer

Angostura Bitters production

Answer

Cable & Wireless telecommunications

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