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A firm (that produces a single type of product) has a Lerner index of 0.08 and is charging a price of $50 per unit for

A firm (that produces a single type of product) has a Lerner index of 0.08 and is charging a price of $50 per unit for its product.

a) Calculate the marginal cost of the firm's product.

b) Which industry is the firm more likely in: PERFECT COMPETITION, or OLIGOPOLY? Carefully explain your answer.Your answer must clearly indicate the you understand the concepts: Lerner Index, Perfect Competition, and Oligopoly

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