15. Industry X has four firms. The largest firm in Industry X has more than 90 percent of the market share. Industry Y also has four firms, but each of those four firms in Industry Y has 25 percent of the market share. The Herfindahl-Hirschman index will be

larger for Industry X than Industry Y, but the four-firm concentration will be the same.
larger for Industry Y than Industry X, but the four-firm concentration will be the same.
the same for both industries, but the four-firm concentration will be larger for Industry Y than Industry X.
the same for both industries, but the four-firm concentration will be larger for Industry X than Industry Y.

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