Consider the iron ore production industry, and assume that there are just two producers

| November 24, 2016

Consider the iron ore production industry, and assume that there are just two producers. Initially assume that both firms are identical in terms of their production. In order to maximise industry profit, how does answers change if the two firms have different costs of production? If you work as a consultant for the ACCC, how would you view cooperation between the two iron ore producers? (within 200 words)

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