Suppose That the Market Demand Curve for Bean Sprouts Is

question 1

Multiple Choice

Suppose that the market demand curve for bean sprouts is given by P = 820 - 2Q, where P is the price and Q is the total industry output. Suppose that the industry has two firms, a Stackelberg leader and a follower. Each firm has a constant marginal cost of $20 per unit of output. In equilibrium, total output by the two firms will be

• A)200
• B)100
• C)300
• D)300.
• E) 50.

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