Use the Following to Answer Question

question 88

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 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.Each firm's output would be _____,and each firm's profit would be _____.

• A)500;$2,500
• B)200;$800
• C)1,000;$500
• D)1,000;$10,000

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Definitions:

Leadership Qualities

Attributes and behaviors that contribute to the effective guidance and management of groups or organizations.

New Policy

Refers to recently adopted guidelines or strategies introduced within an organization, community, or government to address specific issues or objectives.

Holiday Scheduling

The process of planning work shifts, leaves, and coverage within organizations during holiday seasons to maintain operations.

Long-term Goal

An objective or aim that is planned to be achieved over an extended period, often requiring considerable time, planning, and effort.