Company Adidas is the monopolistic competitive firm in the market for sports shoes. The following equations...
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Company Adidas is the monopolistic competitive firm in the market for sports shoes. The following equations describe the demand, the marginal cost, and the total cost, where Q is the output in thousands of pairs and P is the price per pair. Demand: P= 12-2Q Marginal cost: MC = 6 + Q Total cost: TC= 3+6Q+0.502. What would the equilibrium price and quantity be if this market was perfectly competitive? OP=$8 and Q = 2 pairs OP= $9 and Q=3 pairs OP=$10 and Q = 2 pairs OP=$6 and Q = 3 pairs Company Adidas is the monopolistic competitive firm in the market for sports shoes. The following equations describe the demand, the marginal cost, and the total cost, where Q is the output in thousands of pairs and P is the price per pair. Demand: P= 12-2Q Marginal cost: MC = 6 + Q Total cost: TC= 3+6Q+0.502. What would the equilibrium price and quantity be if this market was perfectly competitive? OP=$8 and Q = 2 pairs OP= $9 and Q=3 pairs OP=$10 and Q = 2 pairs OP=$6 and Q = 3 pairs
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