{"id":31539,"date":"2021-09-25T03:39:42","date_gmt":"2021-09-25T03:39:42","guid":{"rendered":"https:\/\/analystprep.com\/cfa-level-1-exam\/?p=31539"},"modified":"2026-03-19T07:56:32","modified_gmt":"2026-03-19T07:56:32","slug":"use-and-limitation-of-concentration-measures-in-identifying-market-structure","status":"publish","type":"post","link":"https:\/\/analystprep.com\/cfa-level-1-exam\/economics\/use-and-limitation-of-concentration-measures-in-identifying-market-structure\/","title":{"rendered":"Use and Limitation of Concentration Measures in Identifying Market Structure"},"content":{"rendered":"\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"VideoObject\",\n  \"name\": \"The Firm and Market Structures (2023 Level I CFA\u00ae Exam \u2013 Economics \u2013 Module 2)\",\n  \"description\": \"This video lesson covers market structures including perfect competition, monopolistic competition, oligopoly, and monopoly. It explores pricing, output decisions, long-run equilibrium, supply functions, and strategic behavior. It also explains concentration measures and how to identify a firm\u2019s market structure based on economic characteristics and competitive dynamics.\",\n  \"uploadDate\": \"2022-03-10T00:00:00+00:00\",\n  \"thumbnailUrl\": \"https:\/\/i.ytimg.com\/vi\/GSN7qkO2e-g\/hqdefault.jpg\",\n  \"contentUrl\": \"https:\/\/www.youtube.com\/watch?v=GSN7qkO2e-g\",\n  \"embedUrl\": \"https:\/\/www.youtube.com\/embed\/GSN7qkO2e-g\",\n  \"duration\": \"PT32M49S\"\n}\n<\/script>\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"If a market has 5 suppliers and each of the top two suppliers holds 20 percent of the market share, which option best represents the concentration ratio and HHI?\",\n    \"text\": \"If a market has 5 suppliers and each of the top two suppliers holds 20 percent of the market share, which of the following best represents the concentration ratio for the top 2 suppliers and their respective HHI?\\n\\nA. Concentration ratio = 4%; HHI = 40.\\nB. Concentration ratio = 40%; HHI = 0.08.\\nC. Concentration ratio = 40%; HHI = 0.4.\",\n    \"answerCount\": 3,\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"B. Concentration ratio = 40%; HHI = 0.08.\"\n    }\n  }\n}\n<\/script>\n\n\n\n<iframe loading=\"lazy\"\n  width=\"611\"\n  height=\"344\"\n  src=\"https:\/\/www.youtube.com\/embed\/GSN7qkO2e-g\"\n  title=\"YouTube video player\"\n  frameborder=\"0\"\n  allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\"\n  referrerpolicy=\"strict-origin-when-cross-origin\"\n  allowfullscreen>\n<\/iframe>\n\n\n<h2><strong>Concentration Ratio<\/strong><\/h2>\n<p>The concentration ratio is the sum of market shares covered by the largest N firms in a market. It is determined by finding the sales value for the largest firms and dividing it by the total market sales. Therefore, the resulting figure lies between zero (for perfect competition) and 100 (for monopolies).<\/p>\n<p>The main advantage of this concentration measure is the simplicity of its calculation. However, there are some limitations to the usage of this method.<\/p>\n<div style=\"text-align: center; margin: 25px 0;\"><a style=\"display: inline-flex; align-items: center; justify-content: center; padding: 10px 18px; border: 2px solid #1a73e8; border-radius: 999px; color: #1a73e8; text-decoration: none; font-weight: 500; background-color: #f5f9ff; white-space: nowrap;\" href=\"https:\/\/analystprep.com\/free-trial\/\" target=\"_blank\" rel=\"noopener\"> Master concentration ratios and market structure analysis <\/a><\/div>\n<h4><strong>Example: Concentration Ratio<\/strong><\/h4>\n<p>Suppose there are 10 producing companies in a market. The production percentages for the top three companies are 35%, 20%, and 10%. Calculate the concentration ratio for these three companies.<\/p>\n<p><strong>Solution<\/strong><\/p>\n<p>The concentration ratio is the sum of market shares covered by the largest\u00a0<em><strong>N<\/strong><\/em><em>\u00a0<\/em>firms. So the concentration ratio for the first 3 companies are:<\/p>\n<p>$$ \\text{Concentration ratio} =35\\%+20\\%+10\\%=65%$$<\/p>\n<h3><strong>Limitations of the Concentration Ratio<\/strong><\/h3>\n<p>This method cannot quantify market power directly. The big question should be whether high concentration levels can be interpreted as an indication of monopoly power. An example is the case of only one sugar company in a country. This company enjoys monopoly power. However, the problem comes in when there exist large wholesalers in, say, the food sector. These wholesalers may decide to import sugar alongside their range of products. As a result, this will most likely compel the sugar company to adjust its prices as if it\u2019s in perfect competition.<\/p>\n<p>The concentration ratio tends not to be affected by mergers among the top market incumbents. If there exists a merger between the largest and second-largest companies, their combined pricing power is most likely to be larger than that of the two pre-existing companies, which the concentration ratio will not accurately represent.<\/p>\n<h2><strong>The Herfindahl\u2013Hirschman Index (HHI)<\/strong><\/h2>\n<p>Economists O.C. Herfindahl and A.O. Hirschman came up with an index that first squares the market shares of top <em><strong>N\u00a0<\/strong><\/em>companies. These squares are then summed up. The Herfindahl-Hirschman Index (HHI) for a monopoly firm should be equal to 1.<\/p>\n<p>Consequently, in the case of\u00a0<em><strong>M\u00a0<\/strong><\/em>firms with equal market shares, the HHI should be equal to \\(\\frac{1}{M}\\). This is a very useful gauge for interpreting the HHI. This measure was developed to try and overcome some issues associated with the concentration ratio.<\/p>\n<p>This measure was developed to try and overcome some issues associated with the concentration ratio.<\/p>\n<h3><strong>Example: Herfindahl\u2013Hirschman Index (HHI)<\/strong><\/h3>\n<p>Using the same example as above, the HHI for the top three companies can be calculated as:<\/p>\n<p>$$ \\text{HHI} = 0.35^2+0.20^2+0.10^2=0.1725$$<\/p>\n<h3><strong>Limitations of the HHI<\/strong><\/h3>\n<p>The HHI does not consider the elasticity of demand, and thus it cannot approximate the potential profitability of a single company or a group of companies.<\/p>\n<p>HHI does not consider barriers to entry.<\/p>\n<blockquote>\n<h3><strong>Question<\/strong><\/h3>\n<p>If a market has 5 suppliers and each of the top two suppliers holds 20 percent of the market share, which of the following best represents the concentration ratio for the top 2 suppliers and their respective HHI?<\/p>\n<ol style=\"list-style-type: upper-alpha;\">\n<li>Concentration ratio = 4%; HHI = 40.<\/li>\n<li>Concentration ratio = 40%; HHI = 0.08.<\/li>\n<li>Concentration ratio = 40%; HHI = 0.4.<\/li>\n<\/ol>\n<p><strong>Solution<\/strong><\/p>\n<p>The correct answer is <strong>B<\/strong>.<\/p>\n<p>The concentration ratio is the sum of the two suppliers\u2019 market share.<\/p>\n<p>Therefore, 20% + 20% = 40%.<\/p>\n<p>For the HHI, we take 0.20<sup>2<\/sup> \u00d7 2 = 0.08.<\/p>\n<\/blockquote>\n<div style=\"text-align: center; margin: 40px 0;\"><a style=\"display: inline-flex; align-items: center; justify-content: center; padding: 12px 20px; border-radius: 999px; background-color: #1a73e8; color: #ffffff; text-decoration: none; font-weight: 600;\" href=\"https:\/\/analystprep.com\/free-trial\/\" target=\"_blank\" rel=\"noopener\"> Start Free Trial \u2192 <\/a>\n<p style=\"font-size: 15px; margin-top: 12px; color: #555;\">Learn how to calculate concentration ratios, interpret levels of competition, and evaluate market structure limitations in CFA Level I exam questions.<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Concentration Ratio The concentration ratio is the sum of market shares covered by the largest N firms in a market. It is determined by finding the sales value for the largest firms and dividing it by the total market sales&#8230;.<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[],"class_list":["post-31539","post","type-post","status-publish","format-standard","hentry","category-economics","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Market Concentration Measures &amp; Limitations | CFA Level 1<\/title>\n<meta name=\"description\" content=\"Learn how concentration ratios and the Herfindahl-Hirschman Index (HHI) help identify market structure, along with their limitations in economic analysis.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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