Business, 14.05.2021 19:10 lackin2056

Scenario: Suppose there are only two firms in an industry, and their products are perfect substitutes for each other. Each firm had a fixed marginal cost of $5 and zero fixed cost of operation. The highest the consumers of this product are willing to pay for it is $10, and there are 200 consumers in this market. Refer to the scenario above. Suppose Firm 1 and Firm 2 have to come up with a pricing strategy simultaneously. In this case, Firm 1 will charge , and firm 2 will charge

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Scenario: Suppose there are only two firms in an industry, and their products are perfect substitute...