When a person is told that the four-firm concentration ratio in an industry is 20 this means that: C. The four largest firms account for 20 percent of industry sales.
The four-firm concentration ratio is a term that refers to the market share of the four largest firms being observed. When the concentration ratio increases, the market industry also experiences a corresponding increment.
Also when this concentration ratio is more than half or 50%, the market can be said to be overly concentrated. So, the response above aptly describes the meaning of the four-firm concentration.
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