The markets for laundry detergents,soft drinks,and automobiles are dominated by just a few sellers.Economists would classify these markets as examples of:
A)Monopolistic competition.
B)Perfect competition.
C)Oligopolies.
D)Monopolies.

Question

Quizplus · Accepted Answer

The dominance of just a few sellers in these markets suggests that they are oligopolies - markets in which a few large firms control a significant share of the market. Monopolistic competition is characterized by many small firms selling slightly differentiated products (e.g. local coffee shops), perfect competition involves many small firms selling identical products (e.g. wheat farmers), and monopolies involve a single firm with complete market power (e.g. a pharmaceutical company with a patented drug).  So, none of these options applies to the described markets.

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