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Suppose the pizza market is divided as follows: Firm Market Share (%) Pizza Hut 35 Domino's 25 Papa John's 20 Pizza Inn 12 All others

Suppose the pizza market is divided as follows:

Firm Market Share (%) Pizza Hut 35 Domino's 25 Papa John's 20 Pizza Inn 12 All others 1

a. What is the approximate Herfindahl index? b. Based on the Herfindahl index calculation, how would you describe its market structure? Monopolistic competition Oligopoly c. What is the four-firm concentration ratio?

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Suppose the pizza market is divided as follows: a. What is the approximate Herfindahl index? Instructions: Round your answer to the nearest whole number b. Based on this Herfindahl index calculation, how would you describe its market structure? Monopolistic competition Oligopoly c. What is the four-firm concentration ratio? Instructions: Round your answer to to one decimal place

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