Table 16-1 the Following Table Shows the Percentage of Output Supplied by Supplied

question 342

Multiple Choice

Table 16-1
The following table shows the percentage of output supplied by the top eight firms in four different industries.
-Refer to Table 16-1. What is the concentration ratio in Industry C?

• A) 13%
• B) 32%
• C) 52%
• D) 84%

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Definitions:

Demand Graph

A visual representation of the relationship between the price of a good or service and the quantity demanded by consumers.

Farm Product

Goods that are produced by farming activities, including crops, livestock, and products derived from them like milk or wool.

Inelastic Demand

Describes a market situation where the demand for a product does not significantly change in response to changes in its price.