Why are apples and oranges perfect competition?

Apples and oranges are not perfect competition. They are both fruits, but they are different types of fruits. Apples are typically red or green, and oranges are typically orange. Apples are also typically smaller than oranges. In terms of economics, perfect competition is a market structure where there are many buyers and sellers, and each firm produces an identical product. This means that there is no product differentiation, and firms are price takers. Apples and oranges are not perfect substitutes for each other, so they are not perfect competition.