An industry's total revenue is 100 million. The above table shows ...

[leo leo]

An industry's total revenue is 100 million. The above table shows the total revenue of the four largest firms in an industry.
 
  a. Calculate this industry's four-firm concentration ratio.
  b. Is this industry competitive?
  c. What market type does it most likely represent?

Question 2

Economic growth entails an increase in the rate of production of
 
  A) material goods.
  B) services.
  C) the money supply.
  D) wealth.

[kardosa007]

Answer to Question 1

a. The four-firm concentration rate is 30 percent.
b. Because the four-firm concentration ratio is relatively low, the industry is competitive.
c. The industry is most likely monopolistic competition.

Answer to Question 2

D