Use the Following to Answer Question

question 186

Multiple Choice

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.If Margaret decides to cheat on the agreement and sell 100 more gadgets but Ray continues to sell 250 gadgets,Ray's profits will be:

• A)$1,400.
• B)$1,250.
• C)$1,000.
• D)$400.

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Definitions:

Professional Standards

The established practices, behavior, and ethical guidelines that professionals are expected to adhere to in their occupation.

Liability Threat

A potential for being held responsible under law for injury or damage, posing a risk to individuals or organizations.

Ordinarily Prudent Person

A legal standard used to represent how the average person would responsibly act in a particular situation.

Professional Conduct

The standards of behavior and ethical practices expected of individuals in a professional context.