A business in a perfectly competitive market must decide how much to produce before it knows what the market price will be. The business estimates the price will be p = 25 dollars with 25% probability, p = 20 dollars with 50% probability, and p = 15 dolla

A business in a perfectly competitive market must decide how much to produce before it knows what the market price will be. The business estimates the price will be p = 25 dollars with 25% probability, p = 20 dollars with 50% probability, and p = 15 dolla



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