If the Inverse Demand for Bean Sprouts Were Given by P(Y)=

question 19

Multiple Choice

If the inverse demand for bean sprouts were given by P(Y) = 300 - 3Y and the total cost of producing Y units for any firm were TC(Y) = 30Y and if the industry consisted of two Cournot duopolists, then in equilibrium each firm's production would be

• A)45 units.
• B)22.50 units.
• C)30 units.
• D)15 units.
• E)25 units.

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Definitions:

Complexity

The state or quality of being intricate or complicated, often referring to systems with multiple interrelated components.

Reticular Formation

A network of nerves in the brainstem that plays a crucial role in controlling arousal and consciousness.

Staying Awake

The state of remaining conscious and alert, refraining from sleep.

Association Areas

Regions of the brain that integrate information from different sensory inputs and are involved in complex cognitive processes.