-The Table Above Has the Market Demand Schedule in an Industry

question 123

Essay

-The table above has the market demand schedule in an industry that has two firms in it. The marginal cost of this product is zero because these two firms have exclusive ownership of the resource and it does not cost any additional amount to produce additional units.
a) If the firms cooperate with each other so that they operate as a monopoly, what price will they charge and what (total) output will they produce?
b) If the firms cannot cooperate but instead behave as perfect competitors, what will be the price and the (total) output they produce?

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Definitions:

Quadrants

Scientific or mathematical divisions of a space or concept into four parts, often used in reference to abdominal regions in medicine or graphing in mathematics.

Fecal Impaction

A condition where hard, dry masses of stool become stuck in the colon or rectum, leading to difficulty and inability to pass stool.

Colon

Portion of the large intestine from the cecum to the rectum.

Rectum

The final section of the large intestine, terminating at the anus, where feces are stored before being expelled.