The general form of the inverse demand curve is P=a-bQ. In one market, the specific inverse demand is P 100 – 1/3Q and the marginal cost for all firms is MC = 25. Use these equations to answer questions 2, 3, and 4. Show all computations. 2. The firms compete in a Bertrand oligopoly. a. What will be the market price? Answers b. What is the quantity supplied to the market? Answer: 3. The few firms that supply the market successfully form a cartel. a. What is the MR for the cartel? Answer: b. What will the quantity supplied? Answer: c. What price will the cartel charge? Answer: 4. The firms compete in a Cournot oligopoly. A more general, useful and easier formula for the output of any firm / (firm 1 or firm 2. etc) than provided in B&P is: