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Fact 12.1.1 Money in the Bank
Two gas stations stand on opposite sides of the road: Rutter's Farm Store and Sheetz gas station. Rutter's doesn't even have to look across the highway to know when Sheetz changes its price for gas. When Sheetz raises the price, Rutter's pumps are busy. When Sheetz lowers prices, there's not a car in sight. Both gas stations survive but each has no control over the price.
Source: The Mining Journal, May 24, 2008
-Refer to Fact 12.1.1. These gas stations operate in a ________market.

Question

Quizplus · Accepted Answer

The fact that both gas stations are affected by each other's price changes indicates that they are in a competitive market, where they have no control over the market price and have to respond to each other's actions to survive.

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