Suppose an Industry Is Made Up of 22 Firms

Multiple Choice

Suppose an industry is made up of 22 firms. Two firms each sell 10.5 percent of the industry's total output; another three firms each sell 9 percent; another six firms each sell 5 percent; and the last eleven firms each sell 2 percent. What is the eight-firm concentration ratio in this industry?

A) 0.45
B) 0.50
C) 0.39
D) 0.63
E) 1.40