Suppose the banking market in Cedar Rapids consists of banks that have the following shares of the market: 24 percent, 18 percent, 17 percent, 14 percent, 9 percent, 8 percent, 4 percent, 3 percent, 2 percent, 1 percent. Calculate the HHI.
A. 100
B. 576
C. 780
D. 1,560
Answer: D
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Indicate whether the statement is true or false