Two identical firms compete as a Cournot duopoly. The inverse market demand they face is P = 80 ? 4Q. The cost function for each firm is C(Q) = 8Q. The price charged in this market will be:

A. $32.
B. $12.
C. $56.
D. $48.

Answer: A

Economics

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Over the past 100 years real GDP per person in the United States, on average, has

A) decreased by about 5 percent per year. B) increased by about 2 percent per year. C) increased by about 5 percent per year. D) increased by about 10 percent per year.

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If a country passes a labor law limiting the number of hours of work per week, GDP would ________ and leisure would ________

A) decrease; increase B) decrease; decrease C) increase; increase D) increase; decrease

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