The market for agricultural products such as wheat or corn would can best be described by pure competition.
- Pure competition is a market structure characterized by large number of sellers selling identical products.
Features of pure competition:
- Large number of sellers and buyers
- Homogeneous product (identical products)
- Free entry and exit of both sellers and buyers
- Buyers have perfect knowledge of the market
- Buyers are aware of the market conditions
- Sellers cannot influence the price
- Factor resources move freely.
Therefore, the market for agricultural products such as wheat or corn would can best be described by pure competition.
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