Suppose There Are 51 Firms in a Market

question 17

Multiple Choice

Suppose there are 51 firms in a market.The largest firm has sales of $50 million and each of the other firms has sales of $1 million.The Herfindahl-Hirshman Index of this industry is

• A)2,500.
• B)2,501.
• C)2,550.

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Definitions:

Anthocerophyta

A division of non-vascular plants known as hornworts, characterized by a unique sporophyte structure.

Polyploids

Organisms that have more than two complete sets of chromosomes, which is a condition common in plants and some animal species.

Genetics

Genetics is the branch of biology that studies genes, genetic variation, and heredity in organisms, explaining how traits are passed from parents to offspring.

Chlorophylls

A group of green pigments found in plants and some microorganisms, critical for photosynthesis by enabling the absorption of light energy.