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Assume than an oligopolistic is charging $21 per unit of output and selling 31 units each day. Also suppose that previously it had lowered its price from $21 to $19, rivals matched the price cut, and the firm’s sales increased from 31 to 32 units. It also previously raised its price from $21 to $23, rivals ignored the price hike, and the firm’s daily total revenue came in at $482.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91224736

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