When It Comes to Basic Commodities, the United States Is

question 15

True/False

When it comes to basic commodities, the United States is a net exporter of oil and metals and a net importer of farm crops.

---

Definitions:

Smartphone Industry

A sector of the technology market focused on the development, production, and sale of smartphones.

Oligopoly

A market structure characterized by a few companies having control over a significant portion of the market share, influencing prices and competition.

Purely Competitive

A market structure characterized by a large number of small firms, a homogeneous product, and free entry and exit into the market.

Oligopoly Market Structure

A market form in which a market or industry is dominated by a small number of sellers (oligopolists).