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In Vin del Mar, Chile, there are a dozen stores specializing in selling the same quality of seafood products on one street.

3. In Vin del Mar, Chile, there are a dozen stores specializing in selling the same quality of seafood products on one street. An individual store dare not charge more than the going price without the risk of losing business to the other stores that are selling the fish at a common price. This is an example of what type of market?
A) pure competition
B) monopolistic competition
C) oligopolistic competition
D) pure monopoly
E) socialist

This question was asked on May 05, 2010.

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