An industry comprising a very large number of sellers producing a standardized product is known as
A)monopolistic competition.
B)oligopoly.
C)pure monopoly.
D)pure competition.

Question

Quizplus · Accepted Answer

Pure competition is characterized by a very large number of sellers producing a standardized (homogeneous) product, where no single seller can influence the market price or product strategy.

An Industry Comprising a Very Large Number of Sellers Producing