Step 1: Concept
The ASTM grain size number ($n$) is defined by the formula $N = 2^{n-1}$, where $N$ is the number of grains per square inch at 100X magnification.
Step 2: Meaning
This standard allows metallurgists to quantify the fineness of the microstructure.
Step 3: Analysis
Given ASTM grain size number $n = 8$. Therefore, $N = 2^{8-1} = 2^{7}$.
Step 4: Conclusion
Calculating the value: $2 \times 2 \times 2 \times 2 \times 2 \times 2 \times 2 = 128$.
Final Answer: (B)