Calculate the Herfindahl-Hirschman Index (HHI) for each of the following industries. Which industry is the most concentrated?
a. An industry with five firms that have the following market shares: 50 percent, 30 percent, 10 percent, 5 percent, and 5 percent.
b. An industry with five firms that have the following market shares: 60 percent, 20 percent, 10 percent, 5 percent, and 5 percent.
c. An industry with five firms, each of which has a 20 percent market share.