Suppose there are 100 firms in an industry. If the leading firm has a 60 percent market share, the second largest firm has a market share of half the leader's, the third has a market share of half the second's, and the fourth largest has a market share of half the third's, what is the four-firm concentration ratio?
a. 75 percent
b. 85 percent
c. 95 percent
d. 100 percent
e. impossible because their combined market shares exceed 100 percent
E
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