Firm Verizon ATT Sprint T-Mobile All others Market Share (%) 10 8 7 5 1 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.
Firm Verizon ATT Sprint T-Mobile All others Market Share (%) 10 8 7 5 1 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.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
![Firm
Verizon
ATT
Sprint
T-Mobile
All others
Market Share (%)
10
8
7
5
1
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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0726e6fa-de8a-4c6b-9c01-38ac64246cfb%2F87a338e9-70bb-4ee2-a3ac-38f51e9a1e41%2Fjy8upee_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Firm
Verizon
ATT
Sprint
T-Mobile
All others
Market Share (%)
10
8
7
5
1
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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