Question: 1. Explain why the way a market is defined is important. 2. State the problems associated with using concentration ratios to gauge the amount of

1. Explain why the way a market is defined is important.
2. State the problems associated with using concentration ratios to gauge the amount of competition in an industry.
3. Explain what advantage the Herfindahl index has over the four- and eight-firm concentration ratios.
4. State the problem that the Herfindahl index has in common with concentration ratios.

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