Suppose the Market for Good X Has a Four-Firm Concentration

Multiple Choice

Suppose the market for good X has a four-firm concentration ratio of 0.50.Furthermore,assume that total sales in the industry are $1.2 million.Based on this information,we know that sales for the largest four firms in the industry equal (in aggregate) :

A) $600,000.
B) $60,000.
C) $2,400,000.
D) $240,000.