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

Economics

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