competitive market circumstances are such that there is almost no price competition,no product differentiation,and the only advertising informs prospects that the product is available,then the competitive market in this industry must be __________.
A) a pure monopoly
B) pure competition
C) an oligopoly
D) monopolistic competition
E) monopolistic oligopoly

Question

Quizplus · Accepted Answer

The description of the market as having no price competition, no product differentiation and only informative advertising suggests a market structure in which there are many small sellers offering identical products, known as pure competition. In pure competition, there is no control over the market price, and firms are price takers rather than price setters.

Competitive Market Circumstances Are Such That There Is Almost No