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A resource is ______ if the number of firms that possess it is less than the number of firms required to reach a state of perfect competition.

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A resource is rare if the number of companies that own it is less than the number of companies needed to reach a state of perfect competition.

What is imperfect competition?

It is an economic situation where there is an imbalance between supply and demand. When there is a rare resource available, companies have greater dominance over the market and over the price of the resource and negatively impact consumers.

Therefore, a situation of perfect competition is ideal for the consumer, who has several options of goods and services available at different prices.

Find out more about imperfect competition here:

https://brainly.com/question/15313750

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