question archive Consider a Bertrand oligopoly consisting of four firms that produce an identical product at a marginal cost of $160
Consider a Bertrand oligopoly consisting of four firms that produce an identical product at a marginal cost of $160
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Consider a Bertrand oligopoly consisting of four firms that produce an identical product at a marginal cost of $160. The inverse market demand for this product is P = 800 -5Q.
a. Determine the equilibrium level of output in the market.
b. Determine the equilibrium market price.
c. Determine the profits of each firm.
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