Suppose Shell purchased every gas company in the world and set their prices. Then, it would have a control of the gas market with no other…
Suppose Shell purchased every gas company in the world and set their prices. Then, it would have a control of the gas market with no other competition. Thus Shell becomes a monopolist in providing gas. The market demand curve faced by Shell is P = -Q + 40, and Shell’s cost is given by TC=Q2 + 140, and the marginal cost is given by MC=2Q.
- What will Shell’s total profit be?
- 30
- 140
- 20
- 60
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