The inverse demand curve is given by and a monopolisthas a fixed supply of 4 units of a good available. What would be the price and output in a competitive market with these demand and supply characteristics?
To determine the price and output in a competitive market with the given demand and supply characteristics, we need to find the equilibrium where the quantity demanded equals the quantity supplied.
First, we need the mathematical form of the inverse demand curve. Unfortunately, you have not provided the equation for the inverse demand curve. The inverse demand curve represents the relationship between the price of a good and the quantity demanded at that price.
Do you have the equation for the inverse demand curve? If so, please provide it so I can proceed with the calculations.