Using Figure 13-4 above,how much price competition is likely for bushels of wheat?
A)There is a range of prices at which to sell.
B)The market sets the price so there is no price competition.
C)There is a price leader in the farming industry that sets the price.
D)Since there is only one seller,that firm sets the price.
E)Price is regulated by the government.

Question

Quizplus · Accepted Answer

In a perfectly competitive market like wheat, the market sets the price, and individual sellers have no control over it, leading to no price competition.

Using Figure 13-4 Above,how Much Price Competition Is Likely for Bushels