Amarket situation in which there are many buyers and sellers of a product and no single buyer or seller can control the price is an oligopoly. a monopolistic marketplace. a monopoly. pure competition.

The correct answer is pure competition.

Explanation:

The pure competition represents the market situation where there are a large number of buyers and sellers. These sellers provide homogenous products. There is no restriction on entry or exit of the firms in the market. The consumers have perfect knowledge at low cost or free of cost.  

Because of a large number of buyers and sellers, no single agent can affect the market price. The price level is determined by the intersection of demand and supply.

whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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