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Economics

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1. Airline companies sometimes fly airplanes that are one quarter full between cities. Some people point to this as evidence of economic waste. Is this economic waste? Would it be better to have fewer airline companies and more full planes?

2. Draw a diagram to identify a monopolistic competitor that is incurring losses.

3. Total industry sales are $105 million. The top four firms account for sales of $10 million, 9 million, 8 million, and $5 million, respectively. What is the four firm concentration ratio?