A typical firm in the US economy would be classified as
A)perfectly competitive.
B)imperfectly competitive.
C)a duopolist.
D)an oligopolist.

Question

Quizplus · Accepted Answer

The US economy is dominated by imperfectly competitive markets, with a few large firms having significant market power. This is reflected in industries such as tech (Apple, Microsoft, Google), airlines (Delta, United, American), and telecom (AT&T, Verizon). While there are examples of duopolies (Coca-Cola and Pepsi in the soft drink industry) and oligopolies (automakers), these are the exception rather than the norm. Therefore, choice B is the best classification for a typical firm in the US economy.

A Typical Firm in the US Economy Would Be Classified