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{"ops":[{"insert":"Suppose there are two profit-maximizing firms 1 and 2 producing q1 and q2 units respectively of a homogeneous good. The marginal cost of production for both the firms are c. The inverse demand function for this good is p = 1 \u2013 Q, where p is the price and Q = q1 + q2 is the total output produced by these firms. Suppose the firms choose their outputs sequentially with firm 1 moving first and firm to following it (after observing firm 1\u2019s choice). In equilibrium, outputs chosen by the firms are\n\na) (q1, q2) = ((1-c)\/3, (1-c)\/3)\nb) (q1, q2) = ((1-c)\/2, (1-c)\/4)\nc) (q1, q2) = ((1-2c)\/2, (1-c)\/4)\nd) None of the above\n"}]}
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