Under ________,the market consists of many buyers and sellers trading in a uniform commodity such as wheat,copper or financial securities.
A)pure competition
B)monopolistic competition
C)oligopolistic competition
D)a pure monopoly
E)anti-trust agreements

Question

Quizplus · Accepted Answer

Pure competition is a market structure where there are many buyers and sellers trading in a uniform commodity. In this market, no single buyer or seller can influence the price of the commodity. Additionally, there is perfect information available to all market participants, and there are no barriers to entry or exit. This type of market is considered the most competitive, as all firms are price takers and must accept the equilibrium price.

Under ________,The Market Consists of Many Buyers and Sellers Trading