2. The following table illustrates firm production levels (in billions of cigarettes) for the six U.S. producers of cigarettes, over the 1940-1990 period.
Where PM=Philip Morris, RJR=RF Reynolds, BW=Brown and Williamson, AB=American Brands, LO=Lorillard, and LI=Liggett. Utilizing the four-firm concentration ratio and the index, discuss the trend of concentration in the industry since 1940.
