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The inverse market demand curve is P = 170 - 4Q. Two firms in this market are evenly splitting the output. Each firm produces the product at a constant marginal cost of $10. Which of the following statements is TRUE?
I. If one firm produces 2 more units of output, its profits will rise to $864.
II. If neither firm cheats, each firm will earn a profit of $800.
III. If one firm produces 3 more units of output, the other firm's profits will fall to $680.
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The unequal distribution of wealth, power, and resources among countries worldwide.
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