The competitive market situation in which many sellers follow the market price for identical, commodity products is referred to as
A) a pure monopoly.
B) an oligopoly.
C) monopolistic competition.
D) pure competition.
E) oligopolistic competition.

Question

Quizplus · Accepted Answer

In pure competition, many sellers offer identical products, and no single seller can influence the market price, so they all follow the market price.

The Competitive Market Situation in Which Many Sellers Follow the Market