For the Colorado beef industry to be classified as perfectly competitive,ranchers in Colorado must have _____ on prices and beef must be a _____ product.

A) no noticeable effect;standardized
B) a huge effect;standardized
C) a huge effect;differentiated
D) no noticeable effect;differentiated

In a perfectly competitive market, there are no individual buyers or sellers with the power to influence prices. Therefore, ranchers in Colorado must have no noticeable effect on prices for it to be classified as perfectly competitive. Additionally, products in a perfectly competitive market are standardized, meaning they are identical to one another. Therefore, the second part of the answer is that beef must be a standardized product.