Exxon Mobil and Shell Are Two of the Relatively Few

question 75

Multiple Choice

Exxon Mobil and Shell are two of the relatively few sellers in the oil-refining industry. Due to the tremendous capital investment required to enter this industry, these companies are insulated significantly from the threat of new competitive entrants and thus have considerable control over price. What is this market situation referred to as?

• A) a cartel
• B) a pure market
• C) a natural monopoly
• D) an oligopoly

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