There are five firms in an industry. You know sales of the four largest firms are $800,000, $700,000, $440,000, and $230,000. If the C4 ratio is 80 percent, then the HHI is:
A. 1,810.
B. 5,191.
C. 2,271.
D. 4,338.
Answer: C
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Which of the following results from providers having more information about treatment alternatives than their patients?
a. Principle-agent problem. b. Rational ignorance. c. Externalities. d. Adverse selection. e. The substitution effect.
Suppose a country has 10 million people. Three-fourths of those individuals are in the labor force, with 500,000 unemployed. Full employment occurs at 5 percent. Based on this information, what is the unemployment rate?
A. 75 percent. B. 7.5 percent. C. 5 percent. D. 6.67 percent.
If the demand curve for orange juice is expressed as Q = 2000 - 500p, where Q is measured in gallons and p is measured in dollars, then at the price of $3, elasticity equals
A) -0.33. B) -3. C) -9. D) -17.
__________ costs associated with matching buyers & sellers are significant.
Fill in the blank(s) with the appropriate word(s).