Firms operating in a market situation that creates ___________________, sell their product in a market with other firms who produce identical or extremely similar products.
A. a perfect monopoly
B. perfect competition
C. an oligopoly
D. a free-market
Answer:B
Firms operating in a market situation that creates ___________________, sell their product in a market with other firms who produce identical or extremely similar products.
A. a perfect monopoly B. perfect competition C. an oligopoly D. a free-market
Explanation: 20. Why are some producers forced to sell their products at the prevailing market price?