Question
Consider a market of two (2) firms that produce the same thing. Market demand is P = 80 - Q, Firm 1 has a marginal
Consider a market of two (2) firms that produce the same thing. Market demand is P = 80 - Q, Firm 1 has a marginal cost of $12, and Firm 2 has a marginal cost of $10. What of the following would be the most reasonable market price in this case?
P = $24P = $12P = $11.50P = $10
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Agricultural Economics
Authors: Evan Drummond, John Goodwin
3rd edition
136071929, 978-0136071921
