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The marketplace sets the price for wheat, so farmers who are trying to sell their wheat crops don't have to create a pricing strategy. The wheat is sold in a(n) __________ type of competitive market.

Answer :

Answer: Pure competition

Explanation:

A Pure competition is a firm of market structure where there are several competitors who sell identical products in the market. It is mostly called perfect competition. The characteristics of pure competition are:

• Identical products are sold in the market hence, no seller can sell something different or better than the others.

• Due to many competitors, the same price is offered as the sellers are price takers.

• There is easy entry and exit as new firms can enter the market easily.

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