This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Suppose the market demand curve (D) in an oligopoly market characterized by a dominant firm and a ... (Read 117 times)

mcmcdaniel

  • Hero Member
  • *****
  • Posts: 550
on: Jun 30, 2018
Suppose the market demand curve (D) in an oligopoly market characterized by a dominant firm and a fringe is given by Q = 25 - 2P. The fringe supply curve is given by QF = -1 + 0.3P. If the marginal cost of production for the dominant is 3, calculate the market price and total output produced by the dominant firm and the fringe.
 a. Q = 14.42 units and P = 8.64
  b. Q = 10.69 units and P = 7.15
  c. Q = 12.69 units and P = 6.5
  d. Q = 8.74 units and P = 5.15

Question 2

As a perfectly competitive firm produces at the point where price equals marginal cost, it has no supply curve, only a supply point.
 a. True
  b. False
  Indicate whether the statement is true or false


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

fur

  • Sr. Member
  • ****
  • Posts: 309
Reply #1 on: Jun 30, 2018
Answer to Question 1

B

Answer to Question 2

False


mcmcdaniel

  • Member
  • Posts: 550
Reply 2 on: Jun 30, 2018
YES! Correct, THANKS for helping me on my review

jamesnevil303

  • Member
  • Posts: 337
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

Multiple sclerosis is a condition wherein the body's nervous system is weakened by an autoimmune reaction that attacks the myelin sheaths of neurons.

Did you know?

Intradermal injections are somewhat difficult to correctly administer because the skin layers are so thin that it is easy to accidentally punch through to the deeper subcutaneous layer.

Did you know?

There are actually 60 minerals, 16 vitamins, 12 essential amino acids, and three essential fatty acids that your body needs every day.

Did you know?

Although puberty usually occurs in the early teenage years, the world's youngest parents were two Chinese children who had their first baby when they were 8 and 9 years of age.

Did you know?

Less than one of every three adults with high LDL cholesterol has the condition under control. Only 48.1% with the condition are being treated for it.

Dominant epistasis due to a white mutation Dominant epistasis due to a white mutation
A Dose-Response Curve A Dose-Response Curve
A typical ECT sensor temperature versus voltage curve. A typical ECT sensor temperature versus voltage curve.
How to find the equation of a cosine curve How to find the equation of a cosine curve
Typical bacterial population growth curve showing the initial lag phase Typical bacterial population growth curve showing the initial lag phase
Autosomal dominant inheritance Autosomal dominant inheritance
Video: Optic Nerve and Optic Disk Animation (Part 1 of 2)

For a complete list of videos, visit our video library