In a(n) ________ market structure, there are many sellers with very similar products who have no significant pricing power.
A) monopoly
B) oligopoly
C) monopolistic competition
D) pure competition
E) natural competition

Question

Quizplus · Accepted Answer

Pure competition is characterized by a large number of small firms producing identical products or services. No single firm has pricing power, meaning that prices are typically determined by supply and demand in the market as a whole. In this type of market structure, firms are price takers rather than price makers. Monopoly refers to a market structure in which only one firm exists in the market, while oligopoly and monopolistic competition are intermediate market structures between monopoly and pure competition. Natural competition is not a recognized market structure.

In A(n) ________ Market Structure, There Are Many Sellers with Very