Refer to the Table Above A)perfectly Competitive

question 72

Multiple Choice

Refer to the table above. Using the four-firm concentration ratio, the upholstered furniture 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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Definitions:

Received

The action of being given or awarded something.

Marginal Product

the increase in output resulting from the use of one more unit of a variable input, holding all other inputs constant.

Marginal Revenue Product

The additional revenue generated by employing one more unit of a particular input, keeping all other inputs constant.

Calculator Manufacturer

A company or entity involved in the production of calculators, ranging from basic to advanced scientific and graphing models.