Use the following to answer questions:
Figure: Monopoly Profits in Duopoly 
-(Figure: Monopoly Profits in Duopoly) Given the duopoly industry illustrated in the figure Monopoly Profits in Duopoly, if each firm acted on the belief that it faced demand curve D2 and acted without consideration of the other, each firm would attempt to maximize economic profits by producing quantity _____ and setting price equal to _____.
Definitions:
ΔTR/Δq
The change in total revenue that results from selling one additional unit of a product, essentially another term for marginal revenue.
Marginal Revenue
Earnings obtained from the sale of one more unit of a good or service.
Equilibrium Price
The market price at which the quantity of goods supplied is equal to the quantity of goods demanded, reaching a state of balance.
Perfectly Competitive
A market structure characterized by a large number of small firms, a homogeneous product, free entry and exit, and perfect information, leading to price-takers behavior.
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