Business, 07.04.2020 17:23, andres2865

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?

1) Monopoly
2) Oligopoly
3) Perfect competition
4) Monopolistic competition

Answers: 3

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When companies that manufacture shipping containers want to buy iron ore, the purchase decision is s...