Which of the following statements regarding the trucking industry is correct?
A) Over the past several years, losses and exit from the industry have substantially reduced the degree of competition in the industry.
B) The trucking industry most closely resembles an oligopoly.
C) Even though there is a high degree of competition, firms in the trucking industry are able to sustain positive economic profits as a result of a substantial degree of product differentiation.
D) Between 1999 and 2007, the behavior of firms in the trucking industry closely matched the outcome predicted by the model of perfect competition.
Correct Answer:
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