Use the following table to answer the question : Table 15-1: shows the marginal cost [MC],marginal revenue [FH],and demand [FG] curves for a monopolist who faces constant costs.
Figure 15-1
-Refer to Figure 15-1.Under competitive conditions,what is the equilibrium price and output?

Question

Use the following table to answer the question : Table 15-1: shows the marginal cost [MC],marginal revenue [FH],and demand [FG] curves for a monopolist who faces constant costs.
Figure 15-1

-Refer to Figure 15-1.Under competitive conditions,what is the equilibrium price and output?

Quizplus · Accepted Answer

Under competitive conditions, the equilibrium price and output are determined by the intersection of the supply and demand curves. In Figure 15-1, this intersection occurs at point A, with an equilibrium price of P2 and an equilibrium output of Q2.

Use the Following Table to Answer the Question : Table