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X Form Tools Window Help X Text Body A A Arial 6 B I U S X2 X2 A A BEBEBISBEEIDEX 5 6 . . Suppose a market with a Cournot structure has five firms and a market price elasticity of demand equal to -2. What is a Cournot firm's Lerner Index? (Hint: a Cournot firm's Lerner Index = market share * monopolist's Lerner Index) A. 0.1 B. 1 C. 0.5 D. 0.2 Monopolistic Competition and perfect competition differ because A. only monopolistic competition allows for entry of other firms in the long run. B. only competitive firms take the price as given. C. only perfectly competitive firms will set MR = MC. D. only monopolistically competitive firms will set MR = MC. Suppose mountain spring water can be produced at no cost and that the demand curves for mountain spring water are given as follows: Q = 6000 - 4P What will be the price in the long run if the industry is a Cournot duopoly? A. $400 Page 1 of 1 275 words, 1,411 characters Default Style English (USA) + 180% Type here to search e 9 1:24 PM