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      Question

      The competitive industry where Ford, GM, and Toyota

      operate in can best be described as:
      A Pure competition Correct Answer Incorrect Answer
      B Cross-market competition Correct Answer Incorrect Answer
      C Oligopoly Correct Answer Incorrect Answer
      D Monopolistic competition Correct Answer Incorrect Answer
      E None of these Correct Answer Incorrect Answer

      Solution

      An oligopoly occurs when a few companies control the majority of industry sales.

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