The industry elasticity of demand for gadgets is -2, while the elasticity of demand for an individual gadget manufacturer's product is -2. Based on the Rothschild approach to measuring market power, we conclude that?
a. there is little monopoly power in this industry.
b. there is significant monopoly power in this industry.
c. the Herfindahl index for this industry is -2.
d. the Herfindahl index for this industry is 2.
