Economics help: Finding industry price, output and profit under perfect competition and monopoly

Posted on 2013-11-21 16:47:00 in Economics by BRAD

Market price is given by: p=16 -2y. Total costs are given by: C(y)= 4y. Compute the industry price, output, and profit under perfect competition and under monopoly.



I don't really understand how to find these at all. Any help would be appreciated!

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