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.
b
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Net public debt is
A) the excess of annual tax revenues over annual government spending. B) the sum owed by the public to keep the Social Security system afloat. C) the portion of government debt held by private individuals and firms. D) the excess of annual government spending over annual tax revenues.
An appreciation of the U.S. dollar is most likely a result that
A) more dollars are required to obtain foreign currencies. B) the Fed has pursued an expansionary monetary policy. C) U.S. interest rates have increased. D) U.S. bond prices have increased.