Treating the marginal cost curve as the supply curve and, Ask an Expert

Economics

Consider the following monopolist:

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?

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M959843

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