FIGURE 11- 2 
-Suppose the market for gasoline retailing (gas stations) in an island economy has 12 firms.The two largest firms each account for 30% of sales,the third accounts for 15%,the fourth for 7%,the fifth for 4% and the remaining firms for 2% each.Which of the following statements best describes the structure of this local industry?
A) This industry is an oligopoly.
B) This industry is a monopoly.
C) This industry is perfectly competitive.
D) This industry is monopolistically competitive.
E) Either A or D could be correct.
Correct Answer:
Verified
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Q99: FIGURE 11- 2 Q100: Consider the following statement: "A monopolistically competitive Q101: Of the following,which is the best example Q103: A duopoly is Q104: The table below shows the market Q105: In which market structure are price fluctuations Q106: The diagram below shows demand and cost Q107: The table below shows the market
A)an oligopoly with only two
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