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Which of these is the best economic definition of "pure competition"?a) the market is dominated by one seller b) the market is dominated by a few buyers c) the market is dominated by two or more sellers d) the market is not dominated by either buyers or sellers

Ronald Miller

in Social studies

1 answer

1 answer

Jodi Brooks on November 2, 2018

The correct option is (c) the market is dominated by two or more vendors of A pure competitive market is a market in which there are a large number of sellers and buyers that the goods are similar. This type of market has many competitors that sell the same product or service with the same quality and price. The price of the products in a pure competitive market is determined by what consumers are willing to pay.

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