In the context of the free market system, which of the following statements is true of pure competition?
A) Customers distinguish one product from another.
B) No single producer has any control over the price.
C) New producers cannot easily enter the market.
D) Competitors sell different products to get an edge.

Question

Quizplus · Accepted Answer

In pure competition, no single producer has control over the price because there are many sellers offering identical products, leading to a market-determined price.

In the Context of the Free Market System, Which of the Following