The marketplace sets the price for soybeans, so farmers who are trying to sell their soybean crops don't have to create a pricing strategy. The soybeans are sold in a(n) ________ market.

Question

Quizplus · Accepted Answer

In a pure competition market, no one seller has control over the price of a product since there are many suppliers and buyers. Therefore, the farmer has to accept the market price for their soybeans. Monopolistic competition, oligopoly, and pure monopoly markets have varying degrees of control over price by the seller, making these options incorrect for the scenario described.

The Marketplace Sets the Price for Soybeans, So Farmers Who