Pure competition is the competitive situation in which
A) many sellers follow market price for identical, commodity products.
B) one seller sets the price for a unique product.
C) few sellers are sensitive to one another's prices.
D) many sellers compete on nonprice factors.
E) one or few sellers compete solely on nonprice factors.

Question

Quizplus · Accepted Answer

In pure competition, there are many sellers offering identical products, and they follow the market price because no single seller can influence the market price.

Pure Competition Is the Competitive Situation in Which