Use the Following to Answer Question

question 208

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.If Margaret decides to cheat on the agreement and sell 100 more gadgets,the market price of gadgets will be:

• A)$4.
• B)$5.
• C)$6.
• D)$7.

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Definitions:

Gilded Age

denotes a period in late 19th-century America, characterized by rapid economic growth, industrialization, and ostentatious displays of wealth, alongside widespread social and political corruption.

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Political parties are organized groups of people with similar political ideologies and objectives that compete in elections to hold power in government.

Sectional Divisions

Regional disagreements and conflicts within a country, often based on economic, social, or political differences.

Munn v. Illinois

An 1877 U.S. Supreme Court case that upheld the power of state governments to regulate private industries in the public interest.