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A firm has $1.7 million in sales, a Lerner index of 0.63, and marginal costs of production at $40. The firm competes against 600 other

A firm has $1.7 million in sales, a Lerner index of 0.63, and marginal costs of production at $40. The firm competes against 600 other firms in the industry.

  1. At what price should the firm sell?
  2. What is the mark-up factor?
  3. How much price competition exists in this market? Explain.

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