SCENARIO 2-5 The Following Are the Duration in Minutes of a Sample

question 84

Multiple Choice

SCENARIO 2-5
The following are the duration in minutes of a sample of long-distance phone calls made within the continental United States reported by one long-distance carrier.

-Referring to Scenario 2-5,if 100 calls were sampled,of---- them would have lasted less than 5 minutes or at least 30 minutes or more.

• A)35
• B)37
• C)39
• D)None of the above.

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Definitions:

Herfindahl-Hirschman Index

A measure used to assess the level of market concentration and competition within an industry, calculated by squaring the market share of each firm competing in the market and then summing the resulting numbers.

Concentration Ratio

A measure of the total market share that is controlled by a specified number of the largest firms in the industry.

Market Share

The portion of total industry revenue attributed to a specific company over a predetermined time frame.

Concentration Ratio

A measure of the market share controlled by the largest firms within an industry, used to indicate the degree of market competition.