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Refer to the section The Prevalence of Oligopoly and review the formula for Herfindahl-Hirschman Index of HHI. Assume an industry consists of six firms with

Refer to the section "The Prevalence of Oligopoly" and review the formula for Herfindahl-Hirschman Index of HHI.

Assume an industry consists of six firms with the following market share:

FirmMarket Share (%)

A 12

B 24

C 14

D 22

E 20

F 8

Calculate HHI. How would this industry be characterized by the Justice Department guidelines?

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