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[Solved] Consider a Bertrand oligopoly consisting of four firms that produce an identical product at a marginal cost of $\$ 100$. The inverse market demand

Question: Consider a Bertrand oligopoly consisting of four firms that produce an identical product at a marginal cost of $\$ 100$. The inverse market demand for this product is \(P=500-2 Q\).

  1. Determine the equilibrium level of output in the market.
  2. Determine the equilibrium market price.
  3. Determine the profits of each firm.

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