Final answer:
The term 'product mix' is used to describe the relative combination of products a firm sells. It includes multiple aspects, such as bundling products, market share indicators like the four-firm concentration ratio, and practices like exclusive dealing and cost-plus regulation.
Step-by-step explanation:
The relative combination of products being sold by a firm is referred to as its product mix. In business, product mix is an important concept that defines the range of products a company offers to its customers. For instance, bundling is a strategy wherein multiple products or services are sold as a single combined unit, often at a reduced price compared to buying each item separately.
Another key metric in business that relates to market competition is the four-firm concentration ratio, which calculates the percentage of sales within an industry made by the four largest companies. This is a traditional measure used to ascertain the level of competition or monopoly power within a market. Beyond this, exclusive dealing deals and cost-plus regulation are also part of the strategic decisions a business might make concerning their product mix and how they engage with market regulators and partners.