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Twenty restaurants compete in the Pizza market to sell pizza.The total sales of all firms selling the product are $ 4 million. Ranking thefirms' sales from highest to lowest, we find the top four firms' sales to be $360,000,$320,000, $250,000, and $230,000, respectively. <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
a. Calculate the four firm concentration ration in the market for the product. SHOW allwork, including the formula
b. Explainthe meaning of the CR4 obtained in part (a) above?
c. Suppose the CR4 is approximately 1%, what can you conclude about the type of marketstructure in the industry? (hint: competitive or monopolistic?). Explain
The price of gasoline is $2.50 per gallon at the closest gas station, but is only $2.30 per gallon at a gas station two miles away. By driving to the farther gas station, opportunity cost is:
Economists assume that firms seek to
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