Exxon Mobil and Shell Are Two of the Relatively Few

question 140

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. This market situation is referred to as a(n)

• A) cartel.
• B) monopoly.
• C) natural monopoly.
• D) oligopoly.
• E) trust.

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Definitions:

Agents of Socialization

Individuals, groups, or institutions that play a significant role in integrating people into social life by teaching norms, values, and skills.

Social Development

The process by which society evolves to improve conditions for social interaction, social justice, and the well-being of its members.

Major Agents

Influential entities or individuals that have significant impact or control in specific contexts, such as socialization or change.

Agents of Socialization

Individuals, groups, and institutions that significantly influence one's social development, norms, and roles within society.