Is farming perfectly competitive?Consider whether the US fa

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Is farming perfectly competitive?Consider whether the US farming… 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 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? Walk through the characteristics in Table 10.1 (picture below) and explain why or why not’? 2. Based on the data, is this industry slowly migrating towards another market structure? Which one? You can use some other reference than above, but you must include a link to your reference.Note: In addition to Kahn Academy, good short videos on analyzing this market are at:http://www.youtube.com/watch?v=_GYlcWi_gHAhttp://www.youtube.com/watch?v=AB-dcAjOJNohttp://www.youtube.com/watch?v=NAtbiV1I98w Table 10.1 :Image transcription textTABLE 10.1 Characteristics of the Four Basic Market Models Market Model Pure Characteristic CompetitionMonopolistic Competition Oligopoly Pure Monopoly Number of firms A very large Many Few One number Typeof product Standardized Differentiated Standardized or differentiated Unique; no close substitute… Show more… Show more Business Economics Microeconomics ECON 1100

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