Asked by Kayla Evelyn on May 26, 2024
Verified
A particular industry has many competitors,each of whom has no significant control over price.In addition,it is fairly easy to enter the industry.This industry is an example of _____.
A) pure competition
B) monopolistic competition
C) an oligopoly
D) a pure monopoly
Pure Competition
A market structure characterized by a large number of small firms, a homogeneous product, free entry and exit, and perfect information, leading to firms being price takers.
- Distinguish the features of diverse market configurations, such as competition and monopoly.
Verified Answer
KS
Kayla SmithMay 26, 2024
Final Answer :
A
Explanation :
This description matches pure competition, characterized by many competitors, no significant control over price by any single firm, and low barriers to entry.
Learning Objectives
- Distinguish the features of diverse market configurations, such as competition and monopoly.
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