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4. What are the four methods used for measuring the degree of market power in an industry? 5. Explain what an industry's concentration ratio tells
4. What are the four methods used for measuring the degree of market power in an industry?
5. Explain what an industry's concentration ratio tells us about an industry. For an industry with a high concentration ratio, what do you expect about barriers to entry?
6. How does concentration (fewer number) of buyers affect the ability to influence price in an intermediary market? (see supplemental notes on monopsony power - this is NOT a misspelling!)
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