The marketplace sets the price for wheat, so farmers who are trying to sell their wheat crops don't have to create a pricing strategy. The wheat is sold in __________ type of competitive market.
A)an oligopoly
B)a pure monopoly
C)a pure competition
D)a monopolistic competition
E)a monopolistic oligopoly

Question

Quizplus · Accepted Answer

In a pure competition market, there are many buyers and sellers of a standardized product, such as wheat. The price is determined by the forces of supply and demand, and no individual player has enough influence to affect the market price. Therefore, farmers don't have to create a pricing strategy as they have no control over the market price.

The Marketplace Sets the Price for Wheat, So Farmers Who