1 point: If the market is perfectly competitive, price will be zero.
1 point: If the market is perfectly competitive, quantity will be 12.
1 point: Price equals marginal cost in the long-
1 point: If the market is a duopoly, price will be $12.
1 point: If the market is a duopoly, quantity will be 6.
1 point: In order to maximize joint profits, the two firms would act as a monopoly, setting marginal revenue equal to marginal cost and finding price on the demand curve above the profit-
1 point: Total revenue is $12 × 6 = $72. By dividing this equally, each firm receives $36.