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Suppose duopolists in the market for spring water share a market demand curve given by P = 50 - 0.02Q, where P is the price per gallon and Q is thousands of gallons of water per day. The marginal cost of producing water is assumed to be zero (0) for both firms. If firm A produces zero gallons of water per day, firm B's best response is producing: Optimal output for Cournot duopolists moving simultaneously is If one firm acts as a first mover, the second firm will produce
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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