Use the following to answer question:
-(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 with no marginal cost or fixed cost.Suppose that these two producers have formed a cartel,agreed to split production of output evenly,and are maximizing total industry profits.Total industry output would be _____ gadgets.
A) 10
B) 5
C) 50
D) 500
Correct Answer:
Verified
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Figure: Monopoly
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Figure: Monopoly
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