The accompanying table shows the Herfindahl-Hirschman Index (HHI) for the restaurant, cereal, movie, and laundry detergent industries
Question:
a. Which market structure-oligopoly or monopolistic competition-best characterizes each of the industries?
b. Based on your answer to part a, which type of market structure has higher advertising expenditures? Use the characteristics of each market structure to explain why this relationship might exist.
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