If Firm A has no control over its product's selling price, it is operating in:
A) a purely competitive market.
B) a monopolistically competitive market.
C) an oligopoly.
D) a monopoly.

Question

Quizplus · Accepted Answer

In a purely competitive market, firms are price takers, meaning they have no control over the selling price of their products because there are many sellers offering identical products, leading to the price being determined by the overall market supply and demand.

If Firm a Has No Control Over Its Product's Selling