The table below shows the market shares of the leading firms in the domestic airline industry in Country Y.
| Firm | Market Share (%) |
|---|---|
| AeroGlobal | 28 |
| JetSwift | 22 |
| SkyHop | 18 |
| BreezeAir | 14 |
| EcoFlight | 8 |
| All other firms combined | 10 |
Which of the following is the correct calculation of the 3-firm concentration ratio (CR3CR_3CR3) and the most likely market structure for this industry?
CR3=50%CR_3 = 50\%CR3=50%; Monopolistic competition
CR3=68%CR_3 = 68\%CR3=68%; Monopolistic competition
CR3=68%CR_3 = 68\%CR3=68%; Oligopoly
CR3=82%CR_3 = 82\%CR3=82%; Oligopoly
