Q1. The market model with the largest number of firms is: A) oligopoly. B) monopoly. C) perfect competition. D) monopolistic competition. Q2. Which of the following industries most closely approximates perfect competition? A) agriculture B) farm implements C) clothing D) steel Q3. Which characteristic would best be associated with perfect competition? A) few sellers B) A firm is a price taker C) nonprice competition D) product differentiation