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Consider a Bertrand oligopoly consisting of four firms that produce an identical product at a marginal...

Consider a Bertrand oligopoly consisting of four firms that produce an identical product at a marginal cost of $120. The inverse market demand for this product is P = 500 -2Q.

a. Determine the equilibrium level of output in the market.

b. Determine the equilibrium market price.

c. Determine the profits of each firm.

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