AGRICULTURAL COMMODITIES ARE USUALLY SOLD UNDER WHICH COMPETITIVE...

76. - TEST BANK FOR BUSINESS A CHANGING WORLD 5TH CANADIAN EDITION BY FERRELL
TEST BANK FOR BUSINESS A CHANGING WORLD 5TH CANADIAN EDITION BY FERRELL
76. Agricultural commodities are usually sold under which competitive environment?MonopolyMonopolistic competition→ Pure competitionOligopolyPure capitalismNo one business sells enough agricultural commodities to influence the price and there is no difference between the commodities offered therefore prices are determined only by supply and demand. Accessibility: Keyboard NavigationBloom's: KnowledgeDifficulty: EasyLearning Objective: 01-04 Describe the role of supply; Multiple Choice Question demand; and competition in a free-enterprise system.