The table below shows the market shares of the leading firms in the domestic airline industry in Country Y.
| Firm | Market Share (%) |
|---|---|
| AeroGlobal | 28 |
| JetSwift | 22 |
| SkyHop | 18 |
| BreezeAir | 14 |
| EcoFlight | 8 |
| All other firms combined | 10 |
Which of the following is the correct calculation of the 3-firm concentration ratio (CR3CR_3CR3) and the most likely market structure for this industry?
CR3=50%CR_3 = 50\%CR3=50%; Monopolistic competition
CR3=68%CR_3 = 68\%CR3=68%; Monopolistic competition
CR3=68%CR_3 = 68\%CR3=68%; Oligopoly
CR3=82%CR_3 = 82\%CR3=82%; Oligopoly
92 exam-style questions on Edexcel A A Level Economics 3.4 Market structures, covering 3.4.1 Efficiency, 3.4.2 Perfect competition, 3.4.3 Monopolistic competition, 3.4.4 Oligopoly, 3.4.5 Monopoly, 3.4.6 Monopsony, and 3.4.7 Contestability. Each one has a worked solution and a mark scheme showing where the marks go.