Using the information in the table, develop the four-firm ...

[altibaby]

Using the information in the table, develop the four-firm concentration ratio. Would you classify this industry as an oligopoly? Explain your answer.
 
  What will be an ideal response?

Question 2

In the United States, which of the following is an example of a government-inhibited good?
 
  A) museums
  B) concerts
  C) cigarettes
  D) sports stadiums

[AngeliqueG]

Answer to Question 1

The four-firm concentration ratio is 93 percent (800/860 multiplied by 100). This industry would be classified as an oligopoly if we use the rule of thumb that says that an oligopoly exists when the four-firm concentration ratio is at least 75.

Answer to Question 2

C

[altibaby]

Thanks for the timely response, appreciate it

[AngeliqueG]

Wow, this really help