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

question 28

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. Which industry has the highest concentration ratio?

• A)Industry J
• B)Industry K
• C)Industry L
• D)Industry M

---

Definitions:

Relatively Small

A comparative term indicating that something is smaller in size, amount, or degree when compared to others in a similar context.

Number of Firms

This refers to the total count of businesses operating within a specific market or industry.

U.S. Cigarette Industry

The industry comprising companies operating within the United States that manufacture, distribute, and sell cigarettes and related products.

Oligopoly

A market structure characterized by a small number of firms that dominate the market, leading to limited competition and potentially higher prices for consumers.