Which of the following exists when there are many small businesses selling one standardized product,such as agricultural commodities like wheat,corn,and cotton?
A)Pure competition
B)Monopolistic rivalry
C)Imperfect competition
D)Oligopoly
E)Monopsony

Question

Quizplus · Accepted Answer

Pure competition is characterized by the presence of many small businesses selling a standardized product, where no single business has significant market power or the ability to influence prices. This is typical in markets for agricultural commodities like wheat, corn, and cotton.

Which of the Following Exists When There Are Many Small