form of competition in which there are many sellers and they each have a similar product is referred to as __________.
A) pure competition
B) singular competition
C) an oligopoly
D) monopolistic competition
E) a monopoly

Question

Quizplus · Accepted Answer

In pure competition, there are many sellers offering a similar product, which makes it difficult for any one seller to have an advantage in the market. This type of competition results in a price equilibrium where the price is determined by supply and demand. The other options (B, C, D, and E) refer to different types of market structures with varying degrees of concentration among sellers and potential barriers to entry for new competitors.

Form of Competition in Which There Are Many Sellers and They