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Fig. 8.

Fig. 8. Refer to the following caption and surrounding text.

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Ratio of the predicted flux from our BH population and the observed limits in the soft band (0.3–2 keV; shown by the color bar). The solid red line denotes the curve where the ratio of the predicted and observed flux is equal to one. The y-axis shows the metallicities from solar to Z = 0.01 Z. The x-axis is the average column density Nave in units of cm−2. We adopted k = 0.3 as an example of an extreme case of high activity (top panel) and a more conservative value k = 2 × 10−3 (bottom panel).

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