Assume a duopoly market with quantity competition. The market inverse demand is the following: P =...

Assume a duopoly market with quantity competition. The market inverse demand is the following: P = 497 - (Q1 + Q2) Where Q1 and Q2 represent the production of firm 1 and 2, respectively. Assume that both firms have the same ATC = MC = 21. If this market was a competitive market rather than a duopoly how much higher would the market quantity be under a competitive marekt than under a duopoly? (hint: get the competitive market quantity and subtract the duopoly quantity, input only numbers in your answer).

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Rahul Sunny answered 1 month ago

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