Using the table below, what has happened to the three-firm market concentration ratio in the global electric vehicle (EV) market between 2016 and 2022?
| Firm | 2016 Market Share (%) | 2022 Market Share (%) |
|---|---|---|
| Tesla | 20.1 | 18.2 |
| BYD | 11.5 | 12.6 |
| Volkswagen | 4.2 | 8.2 |
| Nissan | 13.8 | 2.1 |
| Others | 50.4 | 58.9 |
Decreased by 1.9%1.9\%1.9%
Decreased by 6.4%6.4\%6.4%
Decreased by 12.5%12.5\%12.5%
Increased by 3.2%3.2\%3.2%
