Related to the Economics in Practice on page 292: The smart phone industry is best characterized as

A) monopolistic.
B) highly concentrated.
C) moderately concentrated.
D) not at all concentrated.

Highly Concentrated

A market or industry situation where a small number of firms hold a large market share, potentially leading to less competition.

Smart Phone Industry

The sector of the economy that is involved in the development, production, and sale of smartphones.