When The 3 Or 4 Firms In An Industry Produce 70% Or More Of…
When the 3 or 4 firms in an industry produce 70% or more of the industry’s total output, the industry is classified as
a. Perfect Competition
b. Monopolistic Competition
c. Oligopoly
d. Monopoly
Answer:
C. Oligopoly
because it is two or more firms and they have the market control of prices since there is high barrier of entry and exit in the business industry.
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