1 For the following questions, select the key term that best matches with the definition provided. - A buyer or seller without market power in a purely competitive market - A market organization of many firms in an industry, a homogeneous product, and the freedom of firms to enter or leave the industry. No firm in this type of industry can influence the market price of its product - A market organization of one firm in an industry. Competition in the product market is absent - A basic economic condition in which our wants exceed the resources available to satisfy those wants A. Pure monopoly B. Scarcity C. Price taker D. Pure competition