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2. (5 points) (a) A Herfindahl index of 10,000 suggests what type of a market? Please explain. (b) A student figured out that the HHI

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2. (5 points) (a) A Herfindahl index of 10,000 suggests what type of a market? Please explain. (b) A student figured out that the HHI for an industry was 15,000. What is the proper conclusion about this number for the HHI calculated by the student? Please explain

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