ECONOMICS
COMPETITION AND MARKET STRUCTURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Trinidad and Tobago Cement Limited controls about 80% of the cement industry and used to be the ONLY provider of cement. This is an example of
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A monopoly
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Monopolistic Competition
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Perfect Competition
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Oligopoly
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Explanation:
Detailed explanation-1: -The global cement industry can be characterised as a network of regional oligopoly markets.
Detailed explanation-2: -Examples of pure oligopolies industries are cement, steel and copper and aluminium industry because these all falls in the same categories which is related to construction.
Detailed explanation-3: -Cement and aluminium takes raw materials from mining of mineral reserves. Thus, they are mineral based industries.
Detailed explanation-4: -Pure Oligopoly: The product in this type of Market is Homogenous, for example, the Aluminium Industry.
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