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Inverse demand and inverse supply functions

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Reference no: EM131268617

Suppose perfectly competitive market conditions are characterized by the following inverse demand and inverse supply functions: P = 100 - 5Q and P = 10 + 5Q. The demand curve facing an individual firm operating in this market is:

A P = 100 - 5Q.

B a horizontal line at $9.

C a horizontal line at $55.

D P/N = (100 - 5Q)/N, where N is the total number of firms in the competitive market.

Reference no: EM131268617

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