Consider a Cournot duopoly with the following inverse demand function: P = 600 - 6Q1- 6Q2 . The firms' marginal costs are identical and are given by MC (Q;) = 3Qi. Based on this information, firm 1 and 2's marginal revenue functions are Multiple Choice O MR,(Q1,Q2) = 600 - 12Q1 - 6Q2 and MR2(Q1.Q2) = 600 - 6Q1 -12Q2. O MR1(Q1,Q2) = 600 - 12Q1 - 12Q2 and MR2(Q1,Q2) = 600 - 12Q1-12Q2. O MR1(Q1,Q2) = 300 - 1201 and MR2(Q1,Q2) = 300 - 12Q2. O MR1(Q1,Q2) = 600 - 601 - 12Q2 and MR2(Q1.Q2) = 600 - 12Q1 - 6Q2.Consider a Stackelberg duopoly with the following inverse demand function: P = 800 - 401 492. The rms' marginal costs are identical and are given by MCi = '16. Based on this information, the Stackelberg follower's reaction function is Multiple Choice 0 02 = 93 0.501. 0 oz = 24.5 0.502. 0 dz = 93 0.502. 0 oz = 24.5 0.501. Which of the following is true about a differentiated-product Bertrand duopoly? Multiple Choice Firm 1 and firm 2's reaction functions are downward sloping. O Firm 1 and firm 2's reaction functions are upward sloping. O Firm 1's reaction function is downward sloping, but firm 2's reaction function is upward sloping. O In a differentiated-product Bertrand duopoly, neither firm has a reaction function.Consider two rms competing to sell a homogeneous product by setting price. The inverse demand curve is given by P = 100 Q . Firm 1 has M01101] =10 and firm 2 has MC2{C}2] = 10.5. Based on this information, we can conclude that the market price will be Multiple Choice 0 $10 and rm 1 will produce 90 units and firm 2 will produce 0 units. 0 $10 and each rm will produce 45 units. 0 $10.25 and each firm will produce 45 units. 0 $10.50 and rm 1 will produce 90 units and firm 2 will produce CI units