An industry comprised of a very large number of sellers producing a standardized product is known as:
A) monopolistic competition.
B) oligopoly.
C) pure monopoly.
D) pure competition.

Question

Quizplus · Accepted Answer

A very large number of sellers producing a standardized product is the hallmark characteristic of pure competition. Monopolistic competition has some differentiation among products and a few dominant firms, oligopoly has a small number of large firms, and pure monopoly has only one firm with complete control over the market.

An Industry Comprised of a Very Large Number of Sellers