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Fact 11.1.1 Money in the Bank
Two gas stations stand on opposite sides of the road: Rutter's Farm Store and Sheetz gas station.Rutter's doesn't even have to look across the highway to know when Sheetz changes its price for gas.When Sheetz raises the price,Rutter's pumps are busy.When Sheetz lowers prices,there's not a car in sight.Both gas stations survive but each has no control over the price.
Source: The Mining Journal,May 24,2008
-Refer to Fact 11.1.1.These gas stations operate in a ________market.

Question

Quizplus · Accepted Answer

The fact that both gas stations are affected by the price changes of the other implies that they are in a competitive market. In a noncompetitive market, one or both gas stations would have more control over the price. In a monopolistic market, there would only be one gas station. Challenging and consumer's markets are not relevant terms in this context.

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