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    Question

    The competitive industry where Ford, GM, and Toyota operate in can best be described as:

    A Pure competition Correct Answer Incorrect Answer
    B Cross-market competition Correct Answer Incorrect Answer
    C Oligopoly Correct Answer Incorrect Answer
    D Monopolistic competition Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    An oligopoly occurs when a few companies control the majority of industry sales.

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