If in an industry,none of the many sellers could influence the price of supply of its products,this industry would be characterized as
A) pure competition.
B) a monopoly.
C) monopolistic competition.
D) oligopolistic competition.
E) an oligopoly.

Question

Quizplus · Accepted Answer

In pure competition, no single seller or group of sellers has the ability to affect the price they sell their products at. This means that the market price is determined solely by the forces of supply and demand. In other types of competition such as monopolistic competition, oligopolistic competition, and monopoly, there is some level of control over pricing.

If in an Industry,none of the Many Sellers Could Influence