Steve is the only seller of water in town. The market for water is characterized by the following: Demand: P= 100 - ½Q Marginal Revenue: MR = 100 - Q Marginal Cost: MC = 20 + Q What is the Monopolist equilibrium price and quantity? P= 40; Q= 30 OP= 80; Q = 30 P= 40; Q= 70 P= 80; Q= 40

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