Suppose an industry is made up of 16 firms. Three firms each sell 12 percent of the industry's total output; another three firms each sell 8 percent; another five firms each sell 5 percent; and the last five firms each sell 3 percent. What is the eight-firm concentration ratio in this industry? 365 uter Virtual seek2 ng Services . 0.85 0.50 0.40 0.70 1.40