[Solution] s 1 through 5 refer to the following scenario. Suppose three firms face the same total market demand for their product. This demand is: Price
Question: Questions 1 through 5 refer to the following scenario. Suppose three firms face the same total market demand for their product. This demand is:
| Price (P) | Quantity (Q) |
| $80 | 20,000 |
| 70 | 25,000 |
| 60 | 30,000 |
| 50 | 35,000 |
Suppose further that all three firms are selling their product for $60 and each has about one-third of the total market.
What is the amount of total revenue each firm receives, in dollars?
Deliverable: Word Document 
![[Step-by-Step] s 6 through 10 refer to](/images/solutions/MC-solution-library-75150.jpg "[Step-by-Step] s 6 through 10 refer to the scenario that follows.")
[Step-by-Step] s 6 through 10 refer to the scenario that follows.
(Solution Library) s 11 through 13 refer to the scenario that
![[Solution Library] s 11 through 13 refer](/images/solutions/MC-solution-library-75152.jpg "[Solution Library] s 11 through 13 refer to the scenario that follows.")
[Solution Library] s 11 through 13 refer to the scenario that follows.
Solution: s 11 through 13 refer to the scenario that follows.
![[See Steps] s 14 through 18 refer](/images/solutions/MC-solution-library-75154.jpg "[See Steps] s 14 through 18 refer to the information that follows.")
[See Steps] s 14 through 18 refer to the information that follows.
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