Consider an industry with three firms. Suppose the firms have the following supply functions: S1(p) = p,
Question:
If the market demand curve has the form D(p) = ______, what is the resulting market price? 5. Output? ______. What is the output level for firm 1 at this price? ______. Firm 2? ______. Firm 3?
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If the market demand curve has the form Dp 1...View the full answer
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