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Treating the marginal cost curve as the supply curve

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Reference no: EM13338191

Demand: Qd = 140 - 7P, which means the inverse demand curve is P = 20 – (1/7)Qd

MC = .4Q

Treating the marginal cost curve as the “supply curve” and using the given demand curve,what price and quantity would a competitive market give?

Reference no: EM13338191

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