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The industry price elasticity of demand for good X is 1.5. The price elasticity of demand for the output of an individual firm producing good

The industry price elasticity of demand for good X is 1.5. The price elasticity of demand for the output of an individual firm producing good X in this industry 9. From this we can conclude that:

A. individual firms have significant market power.

B. None of the options.

C. this industry is highly concentrated.

D. individual firms have little market power.

E. the HHI for this industry is 1,667.

Which is the correct answer?

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