The marketplace sets the price for wheat,so farmers who are trying to sell their wheat crops do not need a pricing strategy and do just a little advertising when a crop comes in.The wheat is sold in a(n)________ type of competitive market.
A)oligopoly
B)pure monopoly
C)pure competition
D)monopolistic competition
E)monopolistic oligopoly

Question

Quizplus · Accepted Answer

Figure 13-3 describes pure competition as many sellers who follow the market price for identical,commodity products.The purpose of advertising is to inform prospects that sellers' products are available.

The Marketplace Sets the Price for Wheat,so Farmers Who Are