competitive market situation in which many sellers follow the market price for identical,commodity products is referred to as
A) a pure monopoly.
B) an oligopoly.
C) monopolistic competition.
D) pure competition.
E) oligopolistic competition.

Question

Quizplus · Accepted Answer

Pure competition is a market situation where there are many sellers offering identical products, and they have no control over the price. In a pure competition market, no one seller can influence the market's price because there are no product differences, and there are no barriers to entry or exit.

Competitive Market Situation in Which Many Sellers Follow the Market