In pure competition producers compete exclusively on the basis of

Asked by maham237 @ 25/06/2021 in Business viewed by 259 People

a. selling identical items.
b. advertising heavily to promote their good.
c. producing the unique features of their good.
d. focusing on maintaining a positive image.

Answered by maham237 @ 25/06/2021

Answer:

a. selling identical items.

Explanation:

A pure competition market is characterized by many firms selling a homogeneous product in a market with many buyers. There are no dominant suppliers; hence no single or group of sellers can influence the price. Pure competition is also the perfect competition.

The key characteristics of pure competition are

There are many buyers and sellers
All firms sell an identical product
All sellers are price takers. None can influence prices
There is intense competition due to the high number of sellers
Ease of entry and exit from the market.

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In pure competition producers compete exclusively on the basis of

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