Suppose the market for gasoline retailing (gas stations) in an island economy has 12 firms.The two largest firms each account for 30% of sales,the third accounts for 15%,the fourth for 7%,the fifth for 4% and the remaining firms for 2% each.What is the four-firm concentration ratio?
A) 8%
B) 60%
C) 75%
D) 82%
E) 100%
Correct Answer:
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Q1: In an imperfectly competitive market,changes in market
Q3: By calculating a concentration ratio,economists measure the
A)degree
Q4: In imperfectly competitive markets,"administered" prices usually change
Q5: A Canadian industry composed of many small
Q6: Which of the following characteristics is NOT
Q7: An imperfectly competitive industry is often allocatively
Q8: In which market structure are price fluctuations
Q9: A characteristic common to most imperfectly competitive
Q10: A monopolistically competitive firm and a monopoly
Q11: In Canada,concentration ratios are the highest in
A)tobacco
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