Exhibit 25-3 ​

Exhibit 25-3
​
-Refer to Exhibit 25-3. The Justice Department would consider this industry to be

A) concentrated, because the top four firms together control more than 50 percent of the market share.
B) concentrated, because there are fewer than 15 firms in the industry.
C) unconcentrated, because there are more than 10 firms in the industry.
D) moderately concentrated, because the Herfindahl index is between 1,000 and 1,800.
E) unconcentrated, because the Herfindahl index is less than 1,000.