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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