Boeing,Northrup Grumman,and Lockheed Martin control the vast majority of the U.S.defense contractor industry.In terms of the form of competition,this industry is an example of a(n)__________.
A)oligopoly
B)trilateral monopoly
C)monopoly
D)pure competition
E)monopolistic competition

Question

Quizplus · Accepted Answer

An oligopoly is a market structure in which a small number of firms dominate the market. In this case, Boeing, Northrup Grumman, and Lockheed Martin dominate the U.S. defense contractor industry, indicating an oligopoly.

Boeing,Northrup Grumman,and Lockheed Martin Control the Vast Majority of the U.S.defense