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E202PracticeExam2.7

E202PracticeExam2.7 - Practice Exam Two Solutions Chapter 6...

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Practice Exam Two Solutions Chapter 6 1 2 1. The supply curves for the only two firms in a competitive industry are P = 2 Q and P = 2 + Q , 1 2 where Q is the output of firm 1 and Q is the output of firm 2. Graph the supply curve for each firm. What is the market supply curve for this industry? Answer : The market supply curve (right) is the horizontal summation of the supply curves of the
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