Business, 03.03.2020 05:44 kathlynskare06

1. The Herfindahl index: Suppose that three firms make up the entire bicycle manufacturing industry. One has a 40% market share, and the other two have a 30% market share each. The Herfindahl index of this industry is ___.
2. Abe's Bikes, one of the firms with a 30% market share in the bicycle manufacturing industry, leaves the market. This would cause the Herfindahl index for the industry to . (rise/remain the same/fall)
3. The largest possible value of the Herfindahl index is 10,000 because:

a. An index of 10,000 corresponds to 100 firms with a 1% market share each.
b. An industry with an index higher than 10,000 is automatically regulated by the Justice Department.
c. An index of 10,000 corresponds to a monopoly firm with 100% market share.

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