Use the following information for questions 27 and 28. There are five firms in a
ID: 1173096 • Letter: U
Question
Use the following information for questions 27 and 28.
There are five firms in an industry with sales at $14 million, $4 million, $4 million, $2 million, and $1 million, respectively.
27. The first four-firm concentration ratio is:
a. impossible to calculate because there are five firms.
b. 96 percent.
c. 45 percent.
d. 4,806
28. The HHI for the industry is:
a. 96.
b. 925.
c. 2,083.
d. 3,728.
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29. If a firm is better off with a particular strategy regardless of what the other firm does, then the strategy is the firm's
a. payoff matrix.
b. dominant strategy.
c. Nash equilibrium.
d. prisoner
Explanation / Answer
Use the following information for questions 27 and 28. There are five firms in a