Long-run pure competition is considered to be the ideal market structure from the consumer's point-of-view because:
A) no firm has any control over price.
B) firms operate at minimum average cost.
C) price is as low as it can get and still keep firms in business.
D) all of the above.

Question

Quizplus · Accepted Answer

In a long-run pure competition scenario, firms have no control over price due to the high level of competition, they operate at minimum average cost to remain competitive, and the price is as low as possible while still allowing firms to stay in business. This combination of factors is ideal from a consumer's perspective, as it leads to low prices and efficient production.

Long-Run Pure Competition Is Considered to Be the Ideal Market