Table 17-9 Only Two Firms, Acme and Pinnacle, Sell a Particular Product

question 376

Multiple Choice

Table 17-9
Only two firms, Acme and Pinnacle, sell a particular product. The table below shows the demand curve for their product. Each firm has the same constant marginal cost of $10 and zero fixed cost.

-Refer to Table 17-9.If this market were perfectly competitive instead of oligopolistic,what quantity would be produced?

• A) 1400
• B) 1300
• C) 1200
• D) 1100

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Definitions:

Environmental Constraints

External limitations or conditions that affect an individual's or organization's ability to function or achieve goals.

Objective Environment

The actual, measurable elements in an environment, independent of personal feelings or interpretations.

Strategy Formulation

The development of long-term plans and policies to achieve specific objectives and to manage the direction of a company or organization.

Specific Tasks

Particular jobs or duties assigned to an individual or team.