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4. (5 points) Assuming two markets have identical aggregate/market demand func- tions and supply functions. Market 1 is a Cournot Duopoly market and Market 2
4. (5 points) Assuming two markets have identical aggregate/market demand func- tions and supply functions. Market 1 is a Cournot Duopoly market and Market 2 is a monopolistic market. Which market has higher total surplus? (a) Market 1 (b) Market 2 (c) They have same total surplus (d) cannot be determined
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International Economics
Authors: Dennis Appleyard, Alfred Field
8th Edition
978-0078021671, 0078021677
