There are five firms in an industry with sales at $7 million, $6 million, $3 million, $2 million, and $2 million, respectively. The four-firm concentration ratio is:
A. 0.8.
B. 0.9.
C. 1.1.
D. 1.0.
Answer: B
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Refer to Variable Cost of Production. If the total cost of producing the sixth unit of output is $190, fixed costs must be
The following questions refer to the following table which shows a firm's variable costs of production.
a. $8.
b. $22.
c. $30.
d. $40.
Refer to the above figure. At a price of $2, excess quantity demanded equals
A) 0. B) 3. C) 12. D) 15.
Monopolistic competition is characterized by which of the following attributes? (i) free entry (ii) product differentiation (iii) many sellers
a. (i) and (iii) only b. (i) and (ii) only c. (ii) and (iii) only d. (i), (ii), and (iii)
When the Fed purchases securities on the open market, the securities it buys are
A. common stock of United States corporations. B. corporate bonds. C. securities issued by state governments. D. securities issued by the federal government.