Bertrand Duopolists, Firm 1 and Firm 2, Face Inverse Market $P = 50 - Q$

question 43

Multiple Choice

Bertrand duopolists, Firm 1 and Firm 2, face inverse market demand $P = 50 - Q$ and both have marginal cost, $M C = \$ 20$ . The equilibrium industry profits this market will be:

• A) 0
• B) 10
• C) 50
• D) 90

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Definitions:

Peritoneum

A membrane that lines the abdominal cavity and covers most of the abdominal organs, playing a role in their support and protection.

Areola

A ring of darkened skin around the nipple of the breast.

Oocytes

Female reproductive cells, or eggs, which are produced in the ovaries and, when fertilized by sperm, can develop into an embryo.

Menopause

The period in a woman's life, typically occurring between ages 45 and 55, when menstrual cycles permanently cease.