Vanessa is an oligopolist who believes that if she decreases her price, her competitors will not follow and decrease their prices.
Vanessa is an oligopolist who believes that if she decreases her price, her competitors will not follow and decrease their prices. Draw a graph showing Vanessa’s firm in short-run equilibrium, using demand, marginal cost, marginal revenue, and average-total-cost curves. Indicate the price and quantity Vanessa will produce in short-run equilibrium, and show a price decrease that results in Vanessa’s firm still earning positive economic profits
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