Multiple Choice
When companies that manufacture shipping containers want to buy iron ore, the purchase decision is solely based on price. This is because there are a large number of sellers in the iron ore industry, and iron ore is a highly undifferentiated commodity. Which of the following industry competitive structures does the iron ore industry best illustrate?
A) monopoly
B) oligopoly
C) perfect competition
D) monopolistic competition
Correct Answer:
Verified
Correct Answer:
Verified
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