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3. Consider a Bertrand oligopoly consisting of four firms that produce an identical product at a marginal cost of 240 USD per unit. The inverse

3. Consider a Bertrand oligopoly consisting of four firms that produce an identical product at a marginal cost of 240 USD per unit. The inverse market demand for this product is P = 800 4Q.

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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