The marketplace sets the price for wheat, so farmers who are trying to sell their wheat crops do not need a pricing strategy and do just a little advertising when a crop comes in. The wheat is sold in ________ type of competitive market.
A) an oligopoly
B) a pure monopoly
C) a pure competition
D) a monopolistic competition
E) a monopolistic oligopoly

Question

Quizplus · Accepted Answer

In a pure competition market, many sellers offer identical products, and the market sets the price. Farmers selling wheat fit this model as they have no control over pricing and do minimal advertising.

The Marketplace Sets the Price for Wheat, So Farmers Who