Suppose That Total Sales in an Industry in a Particular

question 198

Multiple Choice

Suppose that total sales in an industry in a particular year are $600 million and sales by the top four sellers are $200 million, $150 million, $100 million, and $50 million, respectively. We can conclude that

• A) price leadership exists in this industry.
• B) the concentration ratio is more than 80 percent.
• C) this industry is a differentiated oligopoly.
• D) the firms in this industry face a kinked demand curve.

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Definitions:

Scaly

Descriptive of skin that is dry, flaky, and rough to the touch, often as a result of various dermatological conditions.

Melanoma

A type of skin cancer that develops from the pigment-producing cells known as melanocytes, noted for its potential to spread rapidly if not treated early.

Ordinary Mole

A small, colored spot on the skin that is usually harmless and formed from clusters of melanocytes, the cells that produce pigment.

Large Blister

A fluid-filled bump on the skin of significantly large size, often resulting from friction, burns, or other injuries.