-The Table Above Shows the Revenue Figures for the Top

question 7

Multiple Choice

-The table above shows the revenue figures for the top four firms along with a total for the remaining firms in the fast-food industry.What is the four-firm concentration ratio for the industry?

• A) 200
• B) 20 percent
• C) 25 percent
• D) 80 percent
• E) 100 percent

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Definitions:

Workers

Individuals engaged in any form of economic activity to earn wages or salary.

Market Wage

The prevailing rate of pay for work in a particular field or occupation in the competitive market.

Profit Maximizing

The process of increasing the difference between total revenue and total cost to achieve the highest possible profit.

Marginal Revenue Product

The additional revenue generated by employing one more unit of a factor of production, keeping all other factors constant.