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Determine the competitive equilibrium price and quantity

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Reference no: EM133077907

Consider the following demand and supply configuration where demand and supply at each price is total demand/supply at those prices.  

Demand       

Supply

Price

Quantity

Price

Quantity

11

1

1

2

10

2

2

3

8

4

3

5

7

5

4

6

6

6

5

8

5

8

7

10

4

9

10

11

2

10

 

 

Determine the competitive equilibrium price and quantity Price ____________ Quantity ________________

At the competitive equilibrium: Consumer surplus is ___________.  Producer surplus is _________________

If producers in this market were consolidated into a single firm then the monopoly price would be _______and quantity would be___________.  Economic efficiency would be ___________.

Reference no: EM133077907

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