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:

Farewell Address

A historical document or speech given by an individual, notably by George Washington at the end of his presidency, advising the nation on principles of governance and foreign policy.

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A government's strategy in dealing with other nations, encompassing diplomacy, military, and trade relations.

French Menace

Historically, this term has referred to the threat perceived or real posed by France to other nations, particularly during periods of conflict such as the Napoleonic Wars.

Whiskey Rebellion

A tax protest in the United States beginning in 1791, during the presidency of George Washington, primarily against the imposition of a tax on distilled spirits.