Ten firms compete in a market to sell product X. The total sales of all firms selling the product are $1,500,000. Ranking the firms' sales from highest to lowest, we find the top four firms' sales to be $375,000, $305,000, $245,000, and $ 195, 000, respectively. Calculate the four - firm concentration ratio in the market for product X.

Ten firms compete in a market to sell product X. The total sales of all firms selling the product are $1,500,000. Ranking the firms' sales from highest to lowest, we find the top four firms' sales to be $375,000, $305,000, $245,000, and $ 195, 000, respectively. Calculate the four - firm concentration ratio in the market for product X.

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter11: Monopolistic Competition, Oligopoly, And Game Theory

Section: Chapter Questions

Problem 3WNG

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