Now suppose two firms supply this market instead of one firm. Thus, Q = Q1 + Q2 where Q1 denotes the output produced by firm 1 and Q2 denotes the output produced by firm 2.

Marginal profit function of firm 1: 3000 - 4Q1 - 2Q2

Marginal profit function of firm 2: 3000 - 2Q1 - 4Q2

What are the levels of equilibrium output produced by firm 1 and firm 2 in the Cournot model equilibrium?

Group of answer choices

600, 600

500, 500

420, 420

300, 300

What will be the total industry output produced when firms engage in Cournot market competition?

Group of answer choices

600

840

1000

1200

What will be the equilibrium market price in the Cournot model?

Group of answer choices

$1200

$900

$750

$600

What will be the profit earned by each of the symmetric firms in the Cournot market equilibrium?

Group of answer choices

$800,000, $800,000

$600,000, $600,000

$500,000, $500,000

$400,000, $400,000