Asked by
Vanessa Reyes
on Oct 08, 2024
Verified
Which of the following industries most closely approximates pure competition?
A) Agriculture.
B) Farm implements.
C) Clothing.
D) Steel.
Pure Competition
A market structure characterized by a large number of small firms, a homogeneous product, and easy entry and exit from the market.
- Differentiate between various market structures (pure competition, monopolistic competition, oligopoly, and monopoly) based on their defining characteristics.
Verified Answer
TF
Learning Objectives
- Differentiate between various market structures (pure competition, monopolistic competition, oligopoly, and monopoly) based on their defining characteristics.
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