Which idea is inconsistent with pure competition?

A) price-taking behavior
B) product differentiation
C) freedom of entry or exit for firms
D) a large number of buyers and sellers

Product Differentiation

A marketing strategy that involves distinguishing a product or service from others in the market to attract a specific target audience.

Pure Competition

A market structure characterized by many buyers and sellers, free entry and exit, and a homogeneous product, leading to price determination by supply and demand.

Price-taking Behavior

Describes individuals or companies that accept market prices as given because they have no power to influence those prices.