Ten firms complete in a market to sell product X. The total sales of all firms selling the product are $1 million. ranking the firms' sales from highest to lowest, we find the top four firms' sales to be $175,000, $150,000, $125,000, and $100,000, respectively. Calculate the four-firm concentration ratio in the market for product X.
Total market sales=$1000,000
Four firm concentration ratio is defined as the ...
Solution depicts the steps to calculate four firm concentration ratio for the given case.