Bertrand Duopolists, Firm 1 and Firm 2, Face Inverse Market $P = 50 - Q$

question 43

Multiple Choice

Bertrand duopolists, Firm 1 and Firm 2, face inverse market demand $P = 50 - Q$ and both have marginal cost, $M C = \$ 20$ . The equilibrium output this market will be

• A) 15
• B) 20
• C) 30
• D) 40

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Definitions:

Optimal Solution

The best possible solution or outcome that meets all constraints and maximizes or minimizes the objective function in a given mathematical model or problem.

Origins

The starting point, cause, or source of something.

Destinations

The end points or targets to which something is directed or sent.

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Paths or courses determined for the transportation of goods or people from one location to another.