Refer to the information provided in Figure 14.7 below to answer the questions that follow. Figure 14.7
-Refer to Figure 14.7. Firms form a cartel that maximizes profits. The profits are

Question

Refer to the information provided in Figure 14.7 below to answer the questions that follow.  Figure 14.7
-Refer to Figure 14.7. Firms form a cartel that maximizes profits. The profits are

Quizplus · Accepted Answer

The cartel maximizes profits by setting output at the monopoly level, which is 60 units. At this output level, the price is $30 and the total revenue is $1,800. The total cost is $720, so the profit is $1,080.

Refer to the Information Provided in Figure 14