The Market Inverse Demand Curve for Thrust Bearings Is P

question 151

Multiple Choice

The market inverse demand curve for thrust bearings is P = 15 - 1.5Q, where Q is measured in hundreds of bearings per day and P is the price per bearing. The marginal cost is $3. Suppose two firms, which are Bertrand competitors, produce identical thrust bearings for this market. If this market were monopolized, the market price would be $____.

• A) 10
• B) 9
• C) 8
• D) 7

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