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Ten firms compete in a market to sell product X. The total sales of all firms selling the product are $3,000,000. Ranking the firms sales
Ten firms compete in a market to sell product X. The total sales of all firms selling the product are $3,000,000. Ranking the firms sales from highest to lowest, we find the top four firms sales to be $435,000, $325,000, $275,000, and $230,000, respectively. Calculate the four-firm concentration ratio in the market for product X. (Round to 2 decimal places)
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