Crude Oil Is Primarily Supplied to the World Market by a Few

question 288

Multiple Choice

Crude oil is primarily supplied to the world market by a few Middle Eastern countries. Such a market is an example of a(n) (i)
Imperfectly competitive market.
(ii)
Monopoly market.
(iii)
Oligopoly market.

• A)(i) and (ii) only
• B)(ii) and (iii) only
• C)(i) and (iii) only
• D)(iii) only

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Definitions:

Nominal Data

Data categorized into discrete groups or categories that cannot be ordered or ranked with respect to one another.

Ordinal Data

Ordinal data is a type of categorical data with a set order or scale to the possible values, but without a consistent difference between each value.

Quantitative Data

This refers to numerical data that can be measured and quantified, representing quantities, amounts, or levels.

Ordinal Data

Data that can be categorized and ranked; however, the intervals between the categories are not necessarily equal.