-The Above Table Shows the Percent of Sales Held by the Four

question 342

Essay

-The above table shows the percent of sales held by 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:

Gearbox

In a steering mechanism, the use of gears to increase the mechanical advantage and decrease driver effort in turning the steering wheel while converting the wheel’s motion into motion that moves the vehicle’s front wheels.

U-joint

A universal joint, a flexible pivot point that transmits power allowing for varying angles of the drive shaft.

Steering Assembly

The collection of components in a vehicle that allows the driver to guide and direct the vehicle in the desired direction.

Parallelogram Linkage

A linkage in the form of a parallelogram that connects a recirculating ball gearbox to the steering knuckle.