An industry with easy entry and exit of a large number of small firms producing a standardized product is:

A) in perfect competition.
B) in monopolistic competition.
C) an oligopoly.
D) a monopoly.

Perfect Competition

A market structure characterized by a large number of small firms, homogeneous products, and free entry and exit, leading to price-taking behavior.

Standardized Product

Output of different producers regarded by consumers as the same good; also referred to as a commodity.

Easy Entry And Exit

Characteristics of a market where companies can freely enter or leave without significant barriers or costs.