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:

Operant Conditioning

A method of learning that occurs through rewards and punishments for behavior, influencing future behavior choices.

Classical Conditioning

A training procedure where a response initially provoked by a second stimulus comes to be triggered by the first stimulus after both are paired together repeatedly.

LEGO

A brand of plastic construction toys consisting of interlocking plastic building blocks.

Goldfish

A small freshwater fish commonly kept as a pet in aquariums, known for its variety of colors and breeds.