Question: This question is worth 1 point for each part, 2 points total. The table below presents the industry output for three different industries. Firm Industry

This question is worth 1 point for each part, 2 points total. The table below presents the industry output for three different industries. Firm Industry 1 Output Industry 2 Output Industry 3 Output Firm A 50 100 10 Firm B 50 0 10 Firm C 50 0 10 Firm D 0 0 10 All other firms 0 0 100 Instructions: Round your answers to two decimal places. a. Calculate the four-firm concentration ratio for Industry 3. Industry 3: % b. Based on the information provided, what market structure best characterizes Industry 3? Industry 3: multiple choice: perfectly competitive, oligopoly, or monopoly

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