What Are Norms and What Purpose Do They Serve

question 2

Essay

What are norms and what purpose do they serve?

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Definitions:

Herfindahl Index

A measure used to calculate the level of concentration in a market, by summing the squares of the market shares of each firm.

Greater Than

A mathematical symbol (>) denoting that a value on the left is larger than the value on the right.

Four Firms

Often refers to a concentration ratio in economics that measures the output or revenue share of the four largest firms within an industry.

Industry Table

A tabular representation of data that shows information specific to a particular industry, often including metrics like production, sales, and employment.