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.
A)oligopoly
B)pure monopoly
C)pure competition
D)monopolistic competition

Question

Quizplus · Accepted Answer

Pure competition is a market structure with many small firms selling homogeneous products where no single firm has control over the market price. In a pure competition market, the price is determined by the interaction of market supply and demand. Since soybeans are a homogenous product, and farmers have no control over the market price, it falls under the category of pure competition.

The Marketplace Sets the Price for Soybeans,so Farmers Who Are