The Third Largest Category of U

question 105

Multiple Choice

The third largest category of U.S. exports in 2016 was _____, which accounted for _____ of total exports.

• A) capital goods; 24 percent
• B) services; 31 percent
• C) industrial supplies; 18 percent
• D) consumer goods; 9 percent
• E) food; 31 percent

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Definitions:

Total Market

The entire demand for a product or service within a particular industry, including all potential customers.

Differentiated Product

A product that is distinct from similar products offered by competitors due to unique features, branding, or quality.

Oligopoly

A market structure characterized by a small number of firms controlling a significant portion of the market share, leading to limited competition and often collaborative behavior.

Conditions of Entry

The factors that determine the ease or difficulty with which new firms can enter an industry and compete with existing firms.