If Happy Campers, Campers R Us, and Happy Trails Each

question 16

Multiple Choice

If Happy Campers, Campers R Us, and Happy Trails each have a market share of 22 percent, according to Chinese law, Happy Campers ______ be considered a dominant firm because the total market share across the three firms is _____percent.

• A)would; 66
• B)would; 22
• C)would not; 66
• D)would not; 22

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Definitions:

Lawn-mowing

The process of cutting the grass in a lawn to maintain its appearance and health.

Variable Costs

Costs that vary directly with the level of production output, such as materials and labor.

Lawn-mowing

The action of cutting the grass in a yard or garden to maintain its appearance and health.

Perfectly Competitive

A market structure characterized by a large number of small firms, a homogeneous product, freedom of entry and exit, and perfect knowledge.