Under ________, the market consists of many buyers and sellers trading in a uniform commodity.
A) pure competition
B) monopolistic competition
C) oligopolistic competition
D) a pure monopoly
E) the dominant firm model

Question

Quizplus · Accepted Answer

Pure competition is the market structure with many buyers and sellers trading in a uniform commodity, which means that all firms sell the same product or service, and no one has any control over the price. In this type of market, no single seller or buyer can exert influence over the price or quantity of the product or service traded.

Under ________, the Market Consists of Many Buyers and Sellers