$\text { Table } 25.2$ Refer to Table 25

question 4

Multiple Choice

$\begin{array}{lr}\begin{array}{c}\text { Pool Sweeper } \\\text { Producer }\end{array} & \begin{array}{c}\text { Output } \\\text { (Revenue) }\end{array} & \begin{array}{c} \text {Market Share}\\ \text {(Percent) } \\\end{array} \\ \text { North Star } & \$ 20,000 &\underline{\quad\quad}\\\text { Hurricane } & \$ 16,000 &\underline{\quad\quad}\\\text { Blue Lagoon } & \$ 2,000 &\underline{\quad\quad}\\\text { Clean Sweep } & \$ 2,000&\underline{\quad\quad}\end{array}$

$\text { Table } 25.2$ Refer to Table 25.2.Assume there are only four firms in the pool sweeper industry.What is the market share for Blue Lagoon?

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Definitions:

Market Price

The ongoing price point for transactions involving assets or services in the open market.

Costs Of Production

Expenses incurred during the process of creating a product or service, including raw materials, labor, and overhead costs.

Firm

A business organization, such as a corporation or partnership, which sells goods or services in exchange for money.

Producer Surplus

The difference between the amount producers are willing to accept for a good or service versus what they actually receive, usually a measure of profit.