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Question
The car industry consists of seven firms. The first four firms, i.e., Firms A, B, C, D each has 10% market share, and the rest three firms, i.e., Firms F, G, H each has 20% market share. Considering market structure in this industry, answer the following questions.
1. Calculate the 4-firm concentration ratio for this industry.
2. Calculate the Herfindahl-Hirschman index (HHI) for this industry. Interpret the calculated HHI in terms of "numbers-equivalent firm".
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