Jerry is a corn farmer. He sells his soybeans to stores such as Albertson's. What type of competitive structure does Jerry most likely operate in?

Question

Quizplus · Accepted Answer

Jerry most likely operates in a pure competition market structure since he sells his soybeans to multiple stores such as Albertson's, indicating that there are many buyers and sellers in the market and no one has a significant amount of power to influence the market price. Oligopoly, monopolistic competition, and monopoly are unlikely as they all involve significant barriers to entry and a smaller number of competitors.

Jerry Is a Corn Farmer