-An Industry's Total Revenue Is $100 Million

question 24

Essay

-An industry's total revenue is $100 million.The above table shows the total revenue of the four largest firms in an industry.
a.Calculate this industry's four-firm concentration ratio.
b.Is this industry competitive?
c.What market type does it most likely represent?

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Definitions:

Hub Carriers

Component of a vehicle's suspension system that holds the wheel bearing and is mounted on the suspension.

Damper

A device used to dampen or inhibit the oscillation of mechanical energy, often seen in vehicle suspension systems.

Torsion Bar

A length of steel bar fastened to a control arm at one point and the vehicle’s frame at another. Movement of the control arm imparts twist on the torsion bar. The absorption of the twist is the spring action of the torsion bar.

4WD

Four-Wheel Drive, a drive system where torque is supplied to all four wheels of the vehicle for improved traction.