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Author Question: Suppose the market demand curve (D) in an oligopoly market characterized by a dominant firm and a ... (Read 158 times)

mcmcdaniel

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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


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fur

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Reply #1 on: Jun 30, 2018
Answer to Question 1

B

Answer to Question 2

False


mcmcdaniel

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

yeungji

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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