An Industry Has Two Firms Each of Which Produces Output

question 43

Multiple Choice

An industry has two firms each of which produces output at a constant unit cost of $10 per unit.The demand function for the industry is q = 1,000,000/p.The Cournot equilibrium price for this industry is

• A)$5.
• B)$10.
• C)$15.
• D)$20.
• E)$25.

---

Definitions:

Hospital Administrator

A professional responsible for the management, coordination, and overall operation of a hospital or healthcare facility.

Informal Negotiations

A process of resolving disputes or reaching agreements outside of formal legal systems or structured negotiations, often involving direct dialogue between parties.

Empowerment

The process of becoming stronger and more confident, especially in controlling one's life and claiming one's rights.

Power-Based Authority

Authority derived from control over resources, position in a hierarchy, or a recognized ability to exert influence over others.