An industry's total revenue is $100 million. The above table shows the total revenue of the four largest firms in an industry

a. Calculate this industry's four-firm concentration ratio.
b. Is this industry competitive?
c. What market type does it most likely represent?

a. The four-firm concentration rate is 30 percent.
b. Because the four-firm concentration ratio is relatively low, the industry is competitive.
c. The industry is most likely monopolistic competition.

Economics

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Which of the following statements is TRUE?

A) Average fixed cost equals average total cost plus average variable cost. B) Average variable cost is always greater than average fixed cost. C) Average fixed cost equals total fixed cost divided by total output. D) Average total cost always falls as output increases.

Economics

High-income countries have ________ and ________ as compared to developing countries

A) high rates of savings; low rates of growth B) high rates of savings; high rates of growth C) low rates of savings; high rates of growth D) low rates of savings; low rates of growth

Economics