Which of the following statements is not correct? Question 13 options: National concentration ratios can overestimate the level of competition in local markets. National concentration ratios underestimate the level of competition where firms face inter-industry competition not captured by the ratio (eg. Pizza Pizza and Metro Supermarket both bake and sell pizza). National concentration ratios underestimate the level of competition by ignoring the role of imports If the concentration ratio is over 50% the industry is considered monopolistically competitive