able: Demand Schedule of Gadgets Price of Gadget Quantity of Gadgets Demanded $10 0 $9 100 $8 200 $7 300 $6 400 $5 500 $4 600 $3 700 $2 800 $1 900 $0 1,000 Reference: Ref 14-1 Table: Demand Schedule of Gadgets (Table: Demand Schedule of Gadgets) Use Table: Demand Schedule of Gadgets. The market for gadgets consists of two producers, Margaret and Ray. Each firm can produce gadgets at a marginal cost of $2 and no fixed cost. Suppose that these two producers have formed a cartel, agreed to split production of output evenly, and are maximizing total industry profits. If Margaret decides to cheat on the agreement and sell 100 more gadgets, the market price of gadgets will be: Select one: a. $6. b. $7. c. $4. d. $5.
able: Demand Schedule of Gadgets Price of Gadget Quantity of Gadgets Demanded $10 0 $9 100 $8 200 $7 300 $6 400 $5 500 $4 600 $3 700 $2 800 $1 900 $0 1,000 Reference: Ref 14-1 Table: Demand Schedule of Gadgets (Table: Demand Schedule of Gadgets) Use Table: Demand Schedule of Gadgets. The market for gadgets consists of two producers, Margaret and Ray. Each firm can produce gadgets at a marginal cost of $2 and no fixed cost. Suppose that these two producers have formed a cartel, agreed to split production of output evenly, and are maximizing total industry profits. If Margaret decides to cheat on the agreement and sell 100 more gadgets, the market price of gadgets will be: Select one: a. $6. b. $7. c. $4. d. $5.
Chapter2: Using Economics To Study Health Issues
Section: Chapter Questions
Problem 1QAP
Related questions
Question
Table: Demand Schedule of Gadgets
Gadget |
Quantity of Gadgets Demanded |
---|---|
$10 | 0 |
$9 | 100 |
$8 | 200 |
$7 | 300 |
$6 | 400 |
$5 | 500 |
$4 | 600 |
$3 | 700 |
$2 | 800 |
$1 | 900 |
$0 | 1,000 |
Reference: Ref 14-1 Table: Demand Schedule of Gadgets
(Table: Demand Schedule of Gadgets) Use Table: Demand Schedule of Gadgets. The market for gadgets consists of two producers, Margaret and Ray. Each firm can produce gadgets at a marginal cost of $2 and no fixed cost. Suppose that these two producers have formed a cartel, agreed to split production of output evenly, and are maximizing total industry profits. If Margaret decides to cheat on the agreement and sell 100 more gadgets, the market price of gadgets will be:
Select one:
a. $6.
b. $7.
c. $4.
d. $5.
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