Table 16-2 the Following Table Shows the Total Output Produced by the by the Top

question 493

Multiple Choice

Table 16-2
The following table shows the total output produced by the top six firms as well as the total industry output for each industry.
-Refer to Table 16-2. What is the concentration ratio for Industry L?

• A)about 99%
• B)about 77%
• C)about 41%
• D)about 16%

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Definitions:

Mental Shortcuts

Cognitive strategies or heuristics that the mind uses to make decisions or judgments quickly.

Representativeness Heuristic

A cognitive shortcut that involves making judgments based on how well something matches with stereotypes or prototypes in one's mind.

Cognitive Development

The process of growth and change in intellectual/mental abilities such as thinking, reasoning, and understanding, across the lifespan, influenced by genetics and environmental factors.

Language Use

The manner in which words and phrases are employed to communicate ideas or feelings.