katiekern8613 katiekern8613

23-07-2020
Business

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The breakfast cereal industry, with its concentration ratio of 80%, would best be described as a(n) a. perfectly competitive market. b. monopolistically competitive market. c. oligopoly. d. monopoly.

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stanfordgoddy stanfordgoddy

24-07-2020

Answer:

c. Oligopoly

Explanation:

Yes, in a oligopoly market structure we usually see two or more firms who dominate the market in a particular industry, in each firm has it's own market share concentration ratio in proportion to the other firms.

As in this case, the breakfast cereal industry is having a concentration ratio of 80%, which therefore, characterizes it as a oligopoly.

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