Global Flowers Inc.(GFI),an exporter of flowers across the globe,operates in an industry where there are many sellers and buyers.This makes it difficult for any one single seller or buyer to influence the market price of the flowers.Also,it is difficult for sellers or exporters to differentiate their products from each other.What type of market structure does this illustrate?

Question

Quizplus · Accepted Answer

This scenario illustrates a pure competition market structure, characterized by many sellers and buyers where no single entity can influence market prices significantly, and products are largely undifferentiated.