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The industry demand for Product Y is described as P = 1,000 - 20Q. The marginal cost of Product Y is $10. What are the

The industry demand for Product Y is described as P = 1,000 - 20Q. The marginal cost of Product Y is $10.

What are the price and output level under the assumption that the market for Product Y is perfectlycompetitive?(5points)

What are the price and output level under the assumption that the market for Product Y is a puremonopoly?(5points)

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