Multiple Choice
The automobile industry is an example of a(n) _____
A) monopolistically competitive market, because firms in the automobile industry face an upward-sloping demand curve.
B) monopolistically competitive market, because it experiences economies of scale.
C) monopolistically competitive market for legal reasons.
D) oligopoly, because each firm must produce a large amount of output before it can achieve low average costs.
E) oligopoly for legal reasons.
Correct Answer:
Verified
Correct Answer:
Verified
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