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    Question

    If you have found the percentage of the value of sales

    accounted for by the four largest firms in an industry, you have found the
    A elasticity of supply value Correct Answer Incorrect Answer
    B Herfindahl-Hirschman Index Correct Answer Incorrect Answer
    C elasticity of demand value Correct Answer Incorrect Answer
    D four-firm concentration ratio. Correct Answer Incorrect Answer

    Solution

    A four-firm concentration ratio is one way of measuring the extent of competition in a market. It is calculated by adding the market shares—that is, the percentage of total sales—of the four largest firms in the market.

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