Assume that the cigarette industry is highly concentrated. Also assume that cigarette advertising tends simply to "cancel out" the effects of other firms' advertising.

In this situation, what do you think happened to the value of cigarette firms when the government banned the advertising of cigarettes on TV (as happened in 1970)? Explain.What empirical evidence could you collect to support your prediction? Don't actually collect any evidence, simply describe the type of evidence that would be relevant.