What Will the Price Be If Five Firms That Are

question 26

Multiple Choice

What will the price be if five firms that are the only producers of a product form a cartel and charge a uniform price,if marginal costs are constant at $36 and the demand for the product is as follows? (Hint: MR = 100 - 4Q.)

• A) $70
• B) $68
• C) $66
• D) $64
• E) $62

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