Market is served by dominant firm and many smaller firms

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A market is served by a dominant firm and many smaller firms. These smaller firms act as price takers. Market demand is given by: Q = 1,000 - 17P The combined supply of the smaller firms is Q = 21 + 30P. The dominant firm's marginal cost is MC = 7 + 0.04Q

Reference no: EM131169418

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