Question 8 market, giving her the ability to impact the price. Her marginal cost and average cost are both equal to 10. She faces a competitive fringe of price-taking firms that will inelastically supply exactly 100 units of output. The goods are homogenous, and the market demand function is Q = 300 – 2p. Claire runs a large firm which dominates an otherwise competitive How much should Claire sell in this market? What is the market price?

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Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.