The table below shows the costs and demand for the Primrose Oil industry.
![The table below shows the costs and demand for the Primrose Oil industry. a)If this were a perfectly competitive industry,what would be the price,output and total industry profit? b)If,alternately,this were a monopoly industry,what would the price,output,and total profit? Hint: Calculate [TR;MR;MC]](https://d2lvgg3v3hfg70.cloudfront.net/TB5692/11ea7cab_972b_c04e_8d24_4515001cc52c_TB5692_00.jpg)
a)If this were a perfectly competitive industry,what would be the price,output and total industry profit?
b)If,alternately,this were a monopoly industry,what would the price,output,and total profit?
Hint: Calculate [TR;MR;MC]
Definitions:
O-H Stretch
A vibrational mode observed in infrared spectroscopy, characteristic of the stretching of the O-H bond in molecules, indicative of the presence of alcohols or water.
Alcohols
Organic compounds characterized by one or more hydroxyl (-OH) groups attached to a carbon atom.
IR Absorption
A technique in spectroscopy where molecules absorb infrared light, causing vibrational transitions, used to identify chemical compounds.
IR Absorption
The process by which molecules absorb infrared radiation at specific wavelengths corresponding to vibrations of molecular bonds.
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