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Suppose that there is an industry with Bertrand competition, and two firms each with cost function() = 20 + 30. Industry demand is given by

Suppose that there is an industry with Bertrand competition, and two firms each with cost function() = 20 + 30. Industry demand is given by = 100 . What is the Bertrand equilibrium price? How much profit does each firm earn? Is this a long-run equilibrium? Explain briefly.

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