An industry is composed of 12 businesses, each with annual sales of $2 million. a. The industry's four-firm concentration ratio is %._________b. This industry can be characterized as a(n) _____ c. If a business in this industry engages in nonprice competition they are likely doing so to _________ and make demand ______elastic. d. If two of the businesses in this market merged, this merger would be classified as a___________