The markets for laundry detergents,soft drinks,and automobiles all are dominated by just a few sellers.Economists would classify these markets as examples of:
A)monopolistic competition.
B)perfect competition.
C)an oligopoly.
D)a monopoly.

Question

Quizplus · Accepted Answer

An oligopoly is a market dominated by a small number of firms, each of which has substantial market power. This fits the description of the markets for laundry detergents, soft drinks, and automobiles. Monopolistic competition is characterized by many firms competing against each other with differentiated products, while perfect competition is characterized by a large number of small firms producing homogeneous products. A monopoly would involve a single firm with complete control over a market.

The Markets for Laundry Detergents,soft Drinks,and Automobiles All Are Dominated