Assume all markets are in long-run equilibrium.Market price in a duopoly would be ________ the market price in a monopoly,and ________ the market price in a competitive market.

Question

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In a duopoly, the market price would be less than or equal to that in a monopoly because the presence of a second firm typically leads to some level of price competition, reducing prices compared to a single monopolist. However, the price would be greater than or equal to that in a perfectly competitive market, where prices are pushed down to the level of marginal costs due to the presence of many firms.

Assume All Markets Are in Long-Run Equilibrium