The table represents the market share of the 10 largest steel producers. Firm Market Share (%) 1 21.4 16.1 3 14.0 4 12.4 8. 6. 7.5 6.4 8. 9. 4 10 1 What is the four-firm concentration ratio for the steel industry represented in the table? Round your answer to the nearest tenth. 63.64 four-firm concentration ratio: Incorrect
The table represents the market share of the 10 largest steel producers. Firm Market Share (%) 1 21.4 16.1 3 14.0 4 12.4 8. 6. 7.5 6.4 8. 9. 4 10 1 What is the four-firm concentration ratio for the steel industry represented in the table? Round your answer to the nearest tenth. 63.64 four-firm concentration ratio: Incorrect
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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See below. The answer IS NOT 63.64. Please be certain of your work.
![The table represents the market share of the 10 largest steel producers.
Firm
Market Share (%)
1
21.4
16.1
3
14.0
4
12.4
8.
6.
7.5
7
6.4
8.
9.
4
10
1
What is the four-firm concentration ratio for the steel industry represented in the table? Round your answer to the nearest tenth.
63.64
four-firm concentration ratio:
Incorrect](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9e62d76e-72ed-458d-be48-cb9c59409aa3%2F1bd377e0-1aa7-4867-b615-0d7cfca6381f%2Fdj6xnl9_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The table represents the market share of the 10 largest steel producers.
Firm
Market Share (%)
1
21.4
16.1
3
14.0
4
12.4
8.
6.
7.5
7
6.4
8.
9.
4
10
1
What is the four-firm concentration ratio for the steel industry represented in the table? Round your answer to the nearest tenth.
63.64
four-firm concentration ratio:
Incorrect
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