The marketplace sets the price for wheat,so farmers who are trying to sell their wheat crops don't have to create a pricing strategy.The wheat is sold in a(n)__________ type of competitive market.
A)oligopoly
B)pure monopoly
C)pure competition
D)monopolistic competition
E)monopolistic oligopoly

Question

Quizplus · Accepted Answer

In a pure competition market, there are many small buyers and sellers who have no control over the price of the product. The product is homogenous, and the market is perfectly competitive without any barriers to entry or exit. In such a market, the price of the product is determined by the market forces of demand and supply. Therefore, farmers who sell wheat have no control over the price, and it is set by the marketplace.

The Marketplace Sets the Price for Wheat,so Farmers Who Are