There are N = 3 businesses in an oligopoly industry
QUESTION
There are N = 3 businesses in an oligopoly industry. The businesses produce identical products and have the same marginal cost of MC = 25 dollars. If the market elasticity of demand is EM = −2, the equilibrium price in the industry isa.50 dollarsb.35 dollarsc.30 dollarsd.25 dollars
ANSWER:
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