Figure 17-1 -Refer to Figure 17-1. Suppose This Market Is Served by Is

question 477

Multiple Choice

Figure 17-1
-Refer to Figure 17-1. Suppose this market is served by a duopoly in which each firm faces the marginal cost curve shown in the diagram. The marginal revenue curve that a monopolist would face in this market is also shown. Which of the following statements is true?

• A)The total output in this market will likely be 2 units when the market is served by a duopoly.
• B)The price in this market will likely be $6 when the market is served by a duopoly.
• C)The total revenue to each firm will likely be more than $16 when the market is served by a duopoly.
• D)The total output in this market will likely be less than 4 units when the market is served by a duopoly.

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