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:
Theory of Mind
The ability to attribute mental states—beliefs, intents, desires, emotions, knowledge, etc.—to oneself and to others and to understand that others have beliefs, desires, intentions, and perspectives that are different from one's own.
False Belief
An understanding that others can hold beliefs or perspectives that are different from one's own, even if those beliefs are incorrect; a critical aspect of theory of mind.
Mental Perspective
An individual's point of view or way of regarding situations, facts, etc., which impacts their thoughts and behaviors.
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