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Use the Following Information to Answer the Question

question 6

Multiple Choice

Use the following information to answer the question. The economic impact of an industry, such as sport fishing, can be measured by the retail sales it generates. In 2006, the economic impact of great lakes fishing in states bordering the great lakes had a mean of $318 and a standard deviation of $83.5. Note that all dollar amounts are in millions of dollars. Assume the distribution of retail sales is unimodal and symmetric. (Source: National Oceanic and Atmospheric Administration) .
-If a new report came out saying that the economic impact of great lakes sport fishing on the economy of Illinois was $93,588,546, would you say this was unusual? Note that this dollar amount must be converted before calculating a standard score.

Definitions:

Short-Run Equilibrium

The condition in which supply and demand are equal at a particular price level, within a short time frame, before all variables have fully adjusted.

Profit-Maximizing

The process or goal of a firm to adjust its production and sale strategies to achieve the highest possible profits.

Four-Firm Concentration Ratio

A metric that measures the total market share controlled by the four largest firms within an industry, used to assess the competitiveness of the market.

Herfindahl Index

A measure of market concentration, calculating the sum of the squares of market shares of each firm within an industry.