Question

In ________ many firms provide similar products that are considered substitutes for each other.

Answer 1

In Pure competition, many firms provide similar products that are considered substitutes for each other. Hence, Option A is correct.

What is the pure competition?

A marketing scenario where many companies sell the same product and cannot differentiate themselves from one another; as a result, no firm has a substantial impact on price.

The ease with which new businesses can enter the market and great market knowledge is further existing factors.

Hence,  In Pure competition, many firms provide similar products that are considered substitutes for each other. Option A is correct.

The missing part of the question is given below:

A. pure competition

B. oligopolistic competition

C. monopolistic competition

D. a monopoly

E. a duopoly

Learn more about Pure competition:

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