Question

A purely competitive industry has a very ______ number of sellers, whereas the other three market structures reflect a progressively ______ or ______ number of sellers.

Answer 1

A purely competitive industry has a very large number of sellers, whereas the other three market structures reflect a progressively smaller or decreasing number of sellers.

What are three examples of a market that is only competitive?

Agrarian goods like corn, wheat, and soybeans are excellent examples of a market that is purely competitive. Monopolistic competition is similar to pure competition in that it has few barriers to entry and many suppliers.

What exactly is a product whose market is only competitive?

The characteristics of a market with pure competition the products that are sold are identical. Every seller is the same. It is simple for new businesses to enter the market. Products are priced according to what customers are willing to pay.

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