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Consider an industry in which three suppliers produce the same product and compete in quantity choice (ie they are Cournot competitors). All three suppliers face
Consider an industry in which three suppliers produce the same product and compete in quantity choice (ie they are Cournot competitors). All three suppliers face the same constant marginal cost of production of MC = 120.
The inverse demand curve for the product sold by all suppliers is described by the relationship P = 300 - Q.
The industry is a triopoly. The three competitors simultaneously choose their outputs. What do you expect *total* industry output to be?
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