Ques : Total industry sales are $105 million. The top four firms account for sales of $15%, 12%, 10%, 8% respectively. What is the three-firm concentration ratio?   Ques :;An example of a barrier to entry in a market is: Lack of profitable Increasing cost of Inelastic market Government licensing   A profit-maximizing monopolist sets: Price where MC=MR. Produces output where MC=MR. Both A and B are Neither A or B is

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Perfect Competition

It is the structure of the market that is said to exist when with many buyers and sellers exchanging similar commodities and its price is fixed by the market forces, demand, and supply, and a single firm cannot cause an impact over the price or market value of the homogenous product. This structure of the market is called perfect competition.