Ten firms compete in a market to sell product X
Ten firms compete in a market to sell product X. The total sales of all firms selling the product are $2,500,000. Ranking the firms’ sales from highest to lowest, we find the top four firms’ sales to be $240,000, $220,000, $200,000, and $178,000, respectively. Calculate the four-firm concentration ratio in the market for product X.
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