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The Demand for the Output of a Multi-Firm Industry Is

Question 23

Multiple Choice

The demand for the output of a multi-firm industry is QT = 50 !2.5P. The total cost of production of an individual profit-maximizing firm in this industry is TC1= 4Q1. If this industry is comprised of 4 firms, firm 1's profit is about:


A) $60.
B) $80.
C) $100.
D) $120.
E) None of the above is correct.

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