Consider a market with the market demand D: P = 80 - Q, which is served by four Cournot oligopolistic producers (firms) with the constant marginal cost MC = $30 and no fixed cost.

1. In Nash equilibrium (when firms compete), the output of each firm, is

A. 8

B. 9

C. 10

D. 11

2. In Nash equilibrium, the market output is

A. 40

B. 50

C. 60

D. 70

3. In Nash equilibrium, the market price is

A. 30

B. 40

C. 50

D. 60

4. In Nash equilibrium, profit of each firm is

A. 90

B. 100

C. 110

D. 120

5. When these four firms collude to form a cartel (they behave like a monopoly), the market output is

A. 10

B. 20

C. 25

D. 35

6. When these four firms collude to form a cartel, the market price is

A. 45

B. 55

C. 60

D. 70

7. When these four firms collude to form a cartel, the profit of each firm is

A. 126.75

B. 145.50

C. 156.25

D. 186.25