For each the following market structures:
1. Monopoly (1 firm)
2. Cartel (2 firms)
3. Cournot (2 firms)
4. Stackleberg (2 firms)
5. Bertrand (2 firms)

Given the demand curve: Q = 120 – P and marginal costs = 20 find the following
A) Price
B) Total Quantity: Q
C) Quantity firm 1: q1
D) Quantity firm 2: q2
E) Total profit
F) Profit for firm 1
G) Profit for firm 2

Answer rating: 100% (QA)

A Price Monopoly 1 firm The price is determined by the intersection of the marginal cost curve and the demand curve For a monopoly the marginal cost curve and the marginal revenue curve are different ... View the full answer