If Mark Farmer expresses a desire to sell his corn at a local farmer's market, he must be aware that the product is standardized and that he will have no control over the price. The market structure he is MOST likely participating in is

Question

Group of answer choices

Pure Monopoly

Monopolistic Competition

Oligopoly

Perfect Competition

Answer 1

The market structure that Mark Farmer is most likely participating in is Perfect Competition. In a perfectly competitive market, products are standardized (homogeneous), and individual sellers have no control over the market price; they are price takers. Farmers selling corn at a local market typically fit this description, as there are many sellers offering similar products.