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March 27, 2017

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The market demand in a Bertrand duopoly is P = 15 - 4Q, and the marginal costs are $3. Fixed costs are zero for both firms. Which of the following statement(s) is/are true?

a.P = $3.

b.P = $10.

c.P = $15.

d.None of the statements associated with this question are correct.

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