(Solution Library) s 1 through 5 refer to the following scenario. Suppose three firms face the same total market demand for their product. This demand is:
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.
Now assume that one of the firms, in an attempt to gain market share at the expense of the others, drops its price to $50. The other two quickly follow suit. What is the amount of total revenue each firm now receives, in dollars, rounded to the nearest dollar?
Deliverable: Word Document 
![[Solution Library] s 1 through 5 refer](/images/solutions/MC-solution-library-75160.jpg "[Solution Library] s 1 through 5 refer to the following scenario.")
[Solution Library] s 1 through 5 refer to the following scenario.
Solution: s 1 through 5 refer to the following scenario. Suppose
![[Steps Shown] s 1 through 5 refer](/images/solutions/MC-solution-library-75162.jpg "[Steps Shown] s 1 through 5 refer to the following scenario. Suppose")
[Steps Shown] s 1 through 5 refer to the following scenario. Suppose
(Steps Shown) s 6 through 10 refer to the scenario that follows.
(See Solution) s 6 through 10 refer to the scenario that follows.
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