Figure 17-1
-Refer to Figure 17-1. Suppose this market is served by two firms who each face the marginal cost curve shown in the diagram. The marginal revenue curve that a monopolist would face in this market is also shown. If the firms are able to collude successfully,
A) the total output will be 3 units and the price will be $4.00 per unit.
B) the total output will be 3 units and the price will be $7.00 per unit.
C) the total output will be 6 units and the price will be $4.00 per unit.
D) there will be no deadweight loss.
Correct Answer:
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