Suppose a ten firm industry has total sales of $35 million per year. The largest firm have sales of $10 million, the third largest firm has sales of $4 million, and the fourth largest firm has sales of $2 million. If the rest of the industry has annual
sales of $12 million, the second largest firm has sales of
A) $8 million.
B) $7 million.
C) $4 million.
D) none of the above.
Answer: B
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An import quota is a
a. tax on imports b. legal limit on the amount of a specific good that can be imported into a particular country c. tax on import quantities above the legal limit d. way to increase tariff revenues e. legal incentive for members of GATT to increase their exports of a particular good
Suppose an oil company wants to make its total revenue as large as possible. It should charge a price at which the demand for oil is:
a. elastic. b. unitary elastic. c. inelastic. d. perfectly inelastic.
Which of the following is a function of the headquarters of an M-form organization?
a. To take all decisions relating to the functioning of the various divisions. b. To measure and compare the performance of the different divisions. c. To solve the problems faced at lower levels of its different divisions. d. To ensure that all divisions work harmoniously with each other.
A market system (market economy) depends on the market to
a. find the most efficient way of using resources. b. determine how large the budget deficit should be. c. decide how much government regulation there should be. d. provide minimum incomes for everyone. e. All of the above are correct.