Answer Happy

6. The four-firm concentration ratio measures: A) how many industries have only four firms. B) the fraction of the market or industry accounted for by the four largest firms. C) the fraction of the market or industry accounted for by the four smallest firms. D) which four firms control the economy. E) none of the above. 7. Since few firms are able to develop exact curves of cost and revenue, they: A) are unable to make long-run profits. B) are oblivious to profit maximization. C) select the usual 30 percent markup. D) may achieve long-run profits through trial and error. E) unilaterally mold consumer tastes for optimum long-run profits. 8. A concentration ratio measures: A) the number of firms in a perfectly competitive industry. B) the number of products sold in a monopolistically competitive market. C) the ratio of the total number of firms in the market to the dollar value of industry revenues. D) the percent of total industry output that is accounted for by the largest firms. E) none of the above. Use the following to answer questions 9-10: Table 10-1 FIRM MARKET SHARE A 25% 3% 44% 11% 8% F 9% 9. Table 10-1 indicates a four-firm concentration ratio of: A) 31%. B) 44%. C) 89%. D) 100%. E) not enough information to tell. IB UD Eu в C L