If an Industry Is Made Up of Five Identical Firms

question 69

Multiple Choice

If an industry is made up of five identical firms, the four-firm concentration ratio is

• A)5%.
• B)20%.
• C)80%.
• D)100%.

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Definitions:

Sales Era

describes a historical period in marketing where the primary focus was on selling and pushing products to consumers, regardless of their needs or desires.

Marketing Era

A period in the history of business development when the focus shifted towards identifying and meeting the needs and wants of consumers, emphasizing marketing strategies.

Production Era

A period in business history when the focus was primarily on manufacturing and the efficiency of production processes.

Convenience Store

is a small retail establishment that stocks a range of everyday items such as groceries, snack foods, and over-the-counter drugs, known for its extended operating hours.