In which of the following industries would we expect collusion to be most effective?
a. retail gasoline, where most gas is sold by a large number of small dealers
b. crude oil production, where most oil is sold by a small number of large sellers
c. housing construction, an industry dominated by local firms that produce unique products
d. soybean production, where there are large numbers of farmers in many countries
B
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As the Federal Trade Commission currently interprets the Herfindahl-Hirschman index (HHI), an industry is considered to be moderately concentrated if the HHI value is
A) between 100 and 1,500. B) between 1,500 and 2,500. C) between 1,000 and 3,500. D) between 3,000 and 6,000.
A small firm's __________ usually has the task of getting to know the loan officers of local banks
A) accountant B) owner C) production manager D) tax attorney