If an industry has 25 firms that collectively have $150 million in total sales and the top four firms in this industry account for $90 million in sales, what is the concentration ratio of the top four firms in this industry?
A) 42 percent
B) 60 percent
C) 70 percent
D) 80 percent
Answer: B
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What will be an ideal response?
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A) expected marginal revenue; expected profit B) marginal revenue; profit C) marginal revenue; expected profit D) expected marginal revenue; profit
The initial stage of the procedure in which a union and an employer negotiate over a contract is known as
a. featherbedding. b. collective bargaining. c. mediation. d. arbitration.
If a quota is imposed on the import of a good that has a lower price in the domestic market than in the world market, a surplus occurs in the market for the good
a. True b. False Indicate whether the statement is true or false