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Based on the best available econometric estimates, the market elasticity of demand for your firm's product is -1

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Based on the best available econometric estimates, the market elasticity of demand for your firm's product is -1.5. The marginal cost of producing the product is constant at $275, while average total cost at current production levels is $350.

a. You are a monopolist.

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b. You compete against one other firm in a Cournot oligopoly.

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c. You compete against 19 other firms in a Cournot oligopoly.

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