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John and Adam sell exactly the same quality of gasoline. The local demand for gasoline is given by Q=25-10P. The marginal cost functions are both
John and Adam sell exactly the same quality of gasoline. The local demand for gasoline is given by Q=25-10P. The marginal cost functions are both constant at $1.25. If John and Adam compete by setting price, what is the market output level? What is the market price level? Make sure you justify your calculation in words. Make sure you present all the steps for your calculations too
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