Suppose a firm faces the demand curve 
, which gives a constant price elasticity of demand of -2. To answer the next two questions, it will be helpful to recall the Lerner index. 
Definitions:
Ionic Compound
Ions combined through the strength of electrostatic attractions to form a chemical compound, in a process called ionic bonding.
Sodium
A soft, silvery-white, highly reactive metal and an essential element in animal nutrition, symbolized as Na.
Nitrogen
A colorless, odorless, tasteless gas that constitutes about 78% of the Earth's atmosphere; it is a critical element in the makeup of amino acids, proteins, and nucleic acids.
Ionic Compound
A substance made up of positively and negatively charged ions that are combined in a ratio to neutralize the charges.
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