The Figure Given Below Shows the Aggregate Demand and Supply

question 60

Multiple Choice

The figure given below shows the aggregate demand and supply curves of a perfectly competitive market.Figure 10.7

-Before World War II, Alcoa controlled the supply of bauxite in the United States. Because bauxite is a scarce resource that is vital to the production of aluminum:

• A)Alcoa was bound to charge a nominal price in the U.S. aluminum market.
• B)Alcoa had a monopoly in the U.S. aluminum market.
• C)the U.S. aluminum market was highly competitive.
• D)Alcoa can be said to have operated in a monopolistically competitive market.
• E)Alcoa can be said to have operated in an oligopolistic market structure.

---

Definitions:

Cartons

Packaging containers often made from cardboard or light plastic, designed to hold goods during transport and storage.

Gallons

A unit of measurement for volume primarily used in the United States, equal to 3.785 liters.

Gas

A state of matter consisting of particles that are not bound together, allowing it to expand to fill the shape of its container, commonly used as a fuel or energy source.

Special Bonus

An additional payment or reward given to an employee or group, often as recognition for exceptional work or achievement.