Suppose in a Cournot Duopoly That Two Firms,Firm 1 and Firm

question 13

Multiple Choice

Suppose in a Cournot duopoly that two firms,Firm 1 and Firm 2,face market demand and both have marginal cost, The equilibrium industry profits in this market will be

• A) 150
• B) 200
• C) 250
• D) 300

---

Definitions:

Labor

The human effort, both physical and mental, used in the production of goods and services.

Minimum Wage

The lowest legally permissible hourly wage that employers can pay their workers, intended to protect employees from unduly low pay.

Unemployed

Individuals who are capable of working and are actively seeking employment but are unable to find a job.

Minimum Wage

The lowest legally allowed wage that employers can pay their employees.