Under ________, the market consists of many buyers and sellers trading over a range of prices rather than a single market price.
A) pure competition
B) monopolistic competition
C) oligopolistic competition
D) a pure monopoly
E) a pure monopsony

Question

Quizplus · Accepted Answer

In monopolistic competition, there are many sellers and buyers, but each company sells a slightly different product. This differentiation allows for a range of prices in the market, unlike in pure competition where there is a single market price for identical products.

Under ________, the Market Consists of Many Buyers and Sellers