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3. A firm with marginal cost M C = 2Q and fixed cost F C = 0 is the sole supplier in the market for
3. A firm with marginal cost M C = 2Q and fixed cost F C = 0 is the sole supplier in the market for good X. Demand for good X is given by QD = 30 1 2P . (a) Assuming that the firm cannot engage in price discrimination, find the quantity produced and the price that will obtain in the market. Explain your answer.
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