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Suppose a representative firm faces the following inverse market demand function P = 300 5 Q and MC = 6 Q + 80 (T C
Suppose a representative firm faces the following inverse market demand function P = 300 5 Q and MC = 6 Q + 80 (T C = 3 Q2 + 80 Q). (a) If the firm were operating in a perfectly competitive market, what would the market Q be? (b) If the firm were operating in a perfectly competitive market, what would the market P be? (c) If, instead, the firm is a single-price monopolist. What is the market Q? (d) If, instead, the firm is a single-price monopolist. What is the market P
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