If in Problem 4, the Inverse Demand for Bean Sprouts

question 9

Multiple Choice

If in Problem 4, the inverse demand for bean sprouts were given by P(Y) = 940 - 5Y and the total cost of producing Y units for any firm were TC(Y) = 40Y and if the industry consisted of two Cournot duopolists, then in equilibrium each firm's production would be

• A) 90 units.
• B) 45 units.
• C) 30 units.
• D) 60 units.
• E) 47 units.

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Definitions:

Ethical Decision-making

The process of evaluating and choosing among alternatives in a manner consistent with ethical principles.

Decision-making Approach

A systematic process for making choices among various alternatives, often involving steps such as identifying a problem, generating options, and selecting a course of action.

Fairness

The quality of treating people equally or in a way that is right and just.

Justice

The concept of fair treatment and equitable distribution of benefits and burdens within society or an organization.