Refer to the Information Provided in Figure 14

question 60

Multiple Choice

Refer to the information provided in Figure 14.1 below to answer the question(s) that follow. Figure 14.1
-Refer to Figure 14.1. Six firms that produce chewing gum form a cartel. The cartel faces the market demand curve given by D. To maximize profits, the cartel should produce ________ packs of chewing gum and the price should be ________.

• A) 12,000; $.25
• B) 12,000; $.40
• C) 14,000; $.30
• D) 16,000; $.35

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Definitions:

Glue

A substance used to bond materials together by surface attachment.

Family and Medical Leave

Legislation that allows employees to take unpaid, job-protected leave for certain family and medical reasons with continuation of group health insurance coverage.

Sick Leave

Paid or unpaid time off work given to an employee due to illness to ensure recovery without the stress of losing income.

Employees

Individuals who are hired by a business or organization to perform tasks in exchange for compensation.