There are 10 firms in an industry, and each firm has a market share of 10 percent. The industry’s Herfindahl index is:
2. In the small town of Geneva, there are 5 firms that make watches. The firms’ respective output levels are 30 watches per year, 20 watches per year, 20 watches per year, 20 watches per year, and 10 watches per year. The four-firm concentration ratio for the town’s watch-making industry is:
3. Which of the following best describes the efficiency of monopolistically competitive firms?
a. Allocatively efficient by productively inefficient.
b. Allocatively inefficient but productively efficient.
c. Both allocatively efficient and productively efficient.
d. Neither allocatively efficient nor productively efficient.
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