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Hank operates a perfectly competitive firm in the long run. For several periods the market price has been $20, and his break-even price is $22. Given the chance to change his fixed costs, Hank should:
Herfindahl-Hirschman Index
An index used to assess the concentration of market power to determine the degree of competition in a sector.
Squared Market Shares
A measure used in economics to assess the level of market concentration by squaring the market share percentages of each firm within the industry and then summing them.
Concentration
The degree of market power held by a few companies within an industry, often measured using indices like the HHI.
Economies of Scale
The reduction in per-unit cost as the volume of production increases, due to factors like specialization and bulk purchasing.
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