another name for the sum of all goods and services produced by business firms and sold to final consumers is

Social Studies

1 answer:

jarptica [38.1K]3 years ago

5 0

Another name for the sum of all goods and services produced by business firms and sold to final consumers is GDP

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2,000 to 1,000

Explanation:

The Herfindahl-Hirschman Index, HHI, is measured by using the market share of each firm in the industry, then square them, and sum the result.

However, supposing that there were only one firm in an industry, that firm would have 100% market share, and the Herfindahl-Hirschman Index (HHI) would equal 10,000, indicating a monopoly.

Thus, in this case, it was initially 5 firms, with no special market share allocated to each of the firm, hence, it is assumed they shared the market share equally, and that will be 2,000 HHI. This shown by each of the 5 firms having 20% market share

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Therefore, The Herfindahl index for the industry would change from: 2,000 to 1,000.

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