which of the following market structures do firms set price above marginal cost? - Monopoly, Monopolistic...
which of the following market structures do firms set price above marginal cost? - Monopoly, Monopolistic competition, Cournot competition with identical products, Stackelberg competition with identical products, and Bertrand competition with differentiated products?
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Homework Answers
Note that price is set above the marginal cost of production by all these market structures. In fact there is only one market structure that sets a price equal to its marginal cost of production which is the perfect competition
however bertrand competition with identical products also set a price equal to its marginal cost but here bertand competition is provided with differentiated products. Hence, it will also set a price greater than marginal cost.
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which of the following market structures do firms set price
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pls
answer as many qwuestions!!
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Suppose there are only two firms in the marker, firm A and firm B. They produce identical products. Firm A and firm B have the same constant marginal cost, MCA = MCB = ACA = ACB = 25. The market demand function is given by Q = 400 – 4P. a. If the firms practice under the Bertrand model, what will be the Nash equilibrium market price and output level? b. If these two...
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