The Market for Which Item Generally Involves Pure Competition?
A) Cola
B) Ice Cream
C) Jeans
D) Corn
Correct Answer: D) Corn
Corn is considered a classic example of pure competition (also known as perfect competition) because it meets the key criteria of this market structure:
Identical Products: Corn is a standardized agricultural commodity; a bushel from one farmer is virtually similar to and interchangeable with a bushel from another.
Many Sellers and Buyers: There are thousands of independent farmers and a vast number of consumers, ensuring that no single participant can influence market prices.
Price Takers: Because the product is homogeneous, farmers must accept the prevailing market price determined by supply and demand. If a farmer raises their price, buyers will purchase from someone else.
Ease of Entry and Exit: Farmers can enter or exit the corn market relatively easily, depending on profitability.
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