price and output
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1. Assume the industry demand for a product is: P = 1,000 - 20Q. Assume that the marginal cost of a product is $10 per unit.
a. What price and output will occur under pure competition?
b. What price and output will occur under pure monopoly ( assume one price is charged to all customers )?
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1. Assume the industry demand for a product is: P = 1,000 - 20Q. Assume that the marginal cost of a product is $10 per unit.
a. What ...
Purchase this Solution
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