In Lima, Peru, 20 Stores Specializing in Selling the Same

question 133

Short Answer

In Lima, Peru, 20 stores specializing in selling the same quality and brand of wheat products are located on one street.An individual seller cannot charge more than the going price without the risk of losing business to the other stores.This is an example of what type of market?
pure competition
monopolistic competition
oligopolistic competition
pure monopoly
socialist

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Definitions:

Purchase Decision

The conclusion or resolution reached by a consumer after evaluating alternatives in the buying process.

Online Retail

The process of buying and selling goods and services through the internet, often through websites dedicated to commerce.

Education Tool

An education tool is any device, software, or resource used to enhance teaching and learning processes.

Relationship Marketing

Developing and maintaining long-term, cost-effective exchange relationships with partners.