In ________, the market consists of many buyers and sellers trading in a uniform commodity, such as wheat, copper, or financial securities.
A) pure competition
B) monopolistic competition
C) oligopolistic competition
D) a pure monopoly
E) a pure monopsony

Question

Quizplus · Accepted Answer

In pure competition, there are many buyers and sellers trading in a uniform commodity, such as wheat or copper. Monopolistic competition involves differentiated products, oligopolistic competition involves a few large firms dominating the market, a pure monopoly involves a single seller of a unique product, and a pure monopsony involves a single buyer of a particular good or service.

In ________, the Market Consists of Many Buyers and Sellers