Question: Suppose that the market demand for cobalt is given by Q = 200 - P. Suppose that the industry consists of 10 firms, each with

Suppose that the market demand for cobalt is given by Q = 200 - P. Suppose that the industry consists of 10 firms, each with a marginal cost of $40 per unit. What is the Cournot equilibrium quantity for each firm? What is the equilibrium market price?

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