Rico Hardware is an industrial supply firm that sells standard screws, bolts, and other small hardware items to construction companies. Rico competes with many similar firms nationwide and sells its merchandise at "the going rate." Rico seems to be operating in an environment that is close to:
A) pure competition.
B) monopoly.
C) monopolistic competition.
D) oligopoly.

Question

Quizplus · Accepted Answer

Rico Hardware operates in a market with many competitors selling similar products at a standard price, which is characteristic of pure competition.

Rico Hardware Is an Industrial Supply Firm That Sells Standard