rewrite this The relative size of firms within their respective industries plays a crucial role in determining the nature of competition. For example, the automotive sector highlights a competitive environment among several large corporations, each with sales exceeding $100 billion in 2021. This scenario illustrates that significant competition can persist in industries that might initially seem concentrated when judged solely by HHI (Mauboussin & Callahan, 2022). Therefore, understanding the scale of firms relative to each other is vital for a more accurate evaluation of market concentration and competitive dynamics. The same applies to Philippon's argument of European market power versus the United States