Refer to the Table Shown A) Perfectly Competitive

question 8

Multiple Choice

Refer to the table shown. Using the four-firm concentration ratio, the tire industry is best categorized as: $$\begin{array} { | c | c | c | } \hline \text { Industry } & \begin{array} { c } \text { Number of } \\\text { sellers }\end{array} & \begin{array} { c } \text { \% of shipments accuunted far by the } 4 \\\text { larget comnanies }\end{array} \\\hline \text { Tires } & 15 & 95 \\\hline \begin{array} { c } \text { Upholstered } \\\text { furniture }\end{array} & 2,000 & 15 \\\hline\end{array}$$

• A) perfectly competitive.
• B) a pure monopoly.
• C) monopolistically competitive.
• D) oligopolistic.

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Just-world Phenomenon

The cognitive bias to believe that the world is inherently fair, leading people to rationalize injustice as deserved by the victim.

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A psychological state where an individual loses self-awareness and self-restraint, often occurring within group settings that foster anonymity.