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:

Genius-Level Contributions

Exceptionally high-value work or insight that significantly advances a particular field.

Eminence

A high status or reputation achieved through success, excellence, or influence in a particular field or area.

Reaction Range

The spectrum of possible outcomes in trait development resulting from interactions between genetics and environment.

Identical Twin

A type of twin born from the same fertilized egg, sharing identical genetic material, and typically resembling each other very closely.