Suppose the market for gasoline retailing (gas stations) in an island economy has 12 firms. The two largest firms each account for 30 percent of sales, the third accounts for 15 percent, the fourth for 7 percent, the fifth for 4 percent and the remaining firms for 2 percent each. Which of the following statements best describes the structure of this local industry?

Question

Quizplus · Accepted Answer

The Answer of Suppose the market for gasoline retailing (gas stations) in an island economy has 12 firms. The two largest firms each account for 30 percent of sales, the third accounts for 15 percent, the fourth for 7 percent, the fifth for 4 percent and the remaining firms for 2 percent each. Which of the following statements best describes the structure of this local industry?

Suppose the Market for Gasoline Retailing (Gas Stations) in an Island