Essay
The table below shows the costs and demand for the Primrose Oil industry.
![The table below shows the costs and demand for the Primrose Oil industry. a)If this were a perfectly competitive industry,what would be the price,output and total industry profit? b)If,alternately,this were a monopoly industry,what would the price,output,and total profit? Hint: Calculate [TR;MR;MC]](https://d2lvgg3v3hfg70.cloudfront.net/TB5692/11ea7cab_972b_c04e_8d24_4515001cc52c_TB5692_00.jpg)
a)If this were a perfectly competitive industry,what would be the price,output and total industry profit?
b)If,alternately,this were a monopoly industry,what would the price,output,and total profit?
Hint: Calculate [TR;MR;MC]
Correct Answer:
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a)price = $62;output...View Answer
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Correct Answer:
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