The Market Demand in a Bertrand Duopoly Is P =

question 85

Multiple Choice

The market demand in a Bertrand duopoly is P = 10 - 3Q, and the marginal costs are $1.Fixed costs are zero for both firms.Based on this information we can conclude that

• A)P = $7 and firm 1 will sell 7 units of output.
• B)P = $1 and firm 1 and 2 will each sell 7 units of output.
• C)P = $1 and firm 1 and 2 will each sell 3.5 units of output.
• D)P = $1.5 and firm 1 and 2 will each sell 10 units of output.

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Definitions:

Individualistic Cultures

Societies that emphasize personal achievements and rights over group goals and cohesion.

Collectivistic Cultures

Societies that prioritize the needs and goals of the group over the desires and ambitions of the individual.

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Words used to substitute for nouns, often to avoid repetition and denote possession, gender, or openness.

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A principle that emphasizes equality, advocating for equal rights and opportunities within a group or society.