In the 1990s, 3 firms supply fitness shoes in the United States (fictitious), Nike, Reebok and Adidas.There was a bit of difference in the quality of shoes produced by these firms, so it was not surprising that Nike's market share was 70%.The own price elasticity of demand for Nike shoes was -4.0 and the market elasticity of demand was -3.75.Suppose that in the 1990s, the average retail price of a fitness shoe was $45 and that Nike's marginal cost was $20 per shoe, based on this information, discuss the industry concentration, demand and market conditions and the pricing behavior of Nike in the 1990s.