What would be the monopoly price and quantity

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Always Round Tire is the only producer of tires for the new British import, the Maxi Copper. Demand for a set of four tires is P = 800 - 5Q (note: Marginal Revenue has twice the slope as the demand curve) while the cost incurred by the firm is MC = 15Q.

What would be the monopoly price and quantity?

What would happen to price and quantity if the market was perfectly competitive (assuming the same costs)?

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Reference no: EM131097187

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