Suppose That the Demand in a Particular Industry Is Given

Multiple Choice

Suppose that the demand in a particular industry is given by Q^d = 500 − 2P.When the market price in the industry is $50 per unit,total demand in the industry is _________.Furthermore,assume that the entire market consists of four firms that share the market equally.The HHI under these conditions is then _________.

A) 225 units; 1,600
B) 400 units; 2,500
C) 225 units; 3,333.33
D) 400 units; 10,000