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People assume that others share their views, and pay more attention to their own views than to the views of others.
Four-Firm Concentration Ratio
A measure of market concentration, indicating the total market share held by the four largest firms within a specific industry.
Oligopoly
A market structure characterized by a small number of firms controlling a large market share, leading to limited competition and potentially higher prices for consumers.
Monopolistic Competition
A competitive landscape where numerous companies offer products that are alike but not the same, providing an opportunity for limited market control and the distinction of products.
Concentration Ratio
A statistical measure that indicates the extent of competition in a market, calculated as the market share of the largest firms.
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