The sales-weighted average \(\tilde{\mathcal{M}}\) of firm-level markups in Compustat data, as in De Loecker et al. (2020), and the cost-weighted average of firm-level markups \(\mathcal{M}\). The former is higher and has increased by a larger amount. The proportional difference between the two averages reflects the cross-sectional dispersion in markups, which has been increasing.