03 Jun Question 1.Determine whether the following transa
Question
1.Determine whether the following transactions involve spot exchange, contracts, or vertical integration
A major oil company refines gasoline from crude oil produced by oil wells that it owns.
Transcontinental, an interstate natural-gas pipeline, has a legal obligation to purchase a specified amount of gas per week from a well owned by Fred Smith in Enid, Oklahoma.
A cabinetmaker purchased a dozen wood screws from the local hardware store.
An electric utility purchases coal from an underground mine.
2.In Savannah, Georgia, the retail gasoline market consists of 8 firms. Firm 1 has 30% of the market, Firms 2 and 3 have 20% each and the remaining firms have 6% each. What is the four-firm market concentration ratio for this industry?
3.Delta Airlines experienced huge losses for several years in the early 2000’s, yet it continued to operate its fleets. Why didn’t Delta shut down its operations to further avoid losses?
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