alleryStart learning →A market where numerous small firms sell identical products is called what?
APure monopoly
BOligopoly market
CMonopsony market
DPerfect competition
Answer & Solution
Correct answer: D. Perfect competition
Many small sellers of an identical product, none able to set price, define perfect competition.
Keep practising Managerial Economics
Browse all Managerial Economics questions for CA Foundation, or explore more Business Economics topics.
Related questions
Consumers allocate their resources by choosing goods that maximize their happiness, takingWhich decision do firms make when allocating scarce resources?Walras described social wealth as things that are useful and available in what quantity?According to Samuelson, if infinite quantities of every good could be produced, which woulWhy can a nonscarce good not be contested over ownership?Goods that exist in superfluity, in quantities sufficient to satisfy all wants, are calledA scarce good has more quantity demanded than quantity supplied at which price?Relative abundance is the condition where available quantities of useful goods are what?