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1.Suppose that two industries each have a four-firm concentration ratio of 75%. a.Explain what this means. b.Suppose that the Herfindahl-Hirschman index (HHI) of the first

1.Suppose that two industries each have a four-firm concentration ratio of 75%.

a.Explain what this means.

b.Suppose that the Herfindahl-Hirschman index (HHI) of the first industry is 425, and that the HHI of the second is 260. Which would you say is the more competitive? Why?

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