In Caropoly, a fictional country, there are three major automobile manufacturers and several smaller ones. These manufacturers have to follow significant industry standards set by the government, and have large manufacturing plants in major cities. They heavily advertise to win customers to their brand. The three top companies dominate the market and have a significant influence on pricing and product offerings.(1 point)

Responses

Monopolistic Competition
Monopolistic Competition

Monopoly
Monopoly

Oligopoly
Oligopoly

Perfect Competition