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Consider two markets. Market X has eight firms (market share): Firm One (65%), Firm Two (5%), Firm Three (5%), Firm Four (5%), Frm Five (5%),

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Consider two markets. Market X has eight firms (market share): Firm One (65%), Firm Two (5%), Firm Three (5%), Firm Four (5%), Frm Five (5%), Firm Six (5%), Firm Seven (5%), and Firm Eight (5%). Market Y has eight firms (market share): Firm A (20%), Firm B (20%), Firm C (20%), Firm D (20%), Firm E (5%), Firm F (5%) Firm G (5%), and Firm H (5%). Based on a comparison of market concentration in each market, in which Market (X or Y) are profits of the largest firms most likely to be higher? Profits are likely to be higher in Market X. Profits are likely to be higher in Market Y. Profits are likely to be equal but positive in both markets. Profits are likely to be zero in both markets

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