Question:

What form of market system does the iron ore industry fall under?

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im doing an assignment for economics.

we are to asses the market for a particular industry (iron ore) and do a report analysing strategies for a business entering that market.

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  1. Since perfect competition doesn't exist in reality - then I would suggest to rank it as "monopolistic competition" - because there are too much independent suppliers worldwide thus oligopoly is also excluded.

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