If an industry is dominated by three large producers whose revenues represent 30%, 30%, and 30% of the market's total revenues with the remaining two firms each representing 5%, what would be the measure of the Herfindahl-Hirschman Index for this industry?

a. 2,725
b. 2,750
c. 9,975
d. 10,000

b

Economics

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Many U.S. consumers have switched to wireless phones from traditional telephones. Which factor is affecting demand?

a. income b. market size c. complements d. substitutes

Economics

What are substitutes in production?

What will be an ideal response?

Economics