Question

Flora Cult Inc., an exporter of flowers across the globe, operates in an industry where there are many sellers and buyers. This makes it difficult for any one single seller or buyer to influence the market price of the flowers. Also, it is difficult for sellers or exporters to differentiate their products from each other. What type of market structure does this illustrate?

Answer 1

Answer:

Pure Competition

Explanation:

There are 4 types of marketing competitions which are;

1.monopoly

2.monopolistic competition

3. oligopoly

4. pure competition.

Of these 4 competitions, a pure competition is the answer to the above question because by definition, a pure competition is one in which there are no barriers to competition and there a lot of suppliers.

in pure competition, manufacturing companies have little to no say at all on the prices of products as any increase from any company will force consumers to look in another company's direction for the same product.

we can therefore say in summary that a Pure competition is a competition in which a lot of companies sell their products at a unified price.

Cheers.