Table 17-6

question 23

Multiple Choice

Table 17-6. The table shows the demand schedule for a particular product.

-Refer to Table 17-6.Suppose the market for this product is served by two firms that have formed a cartel.If the marginal cost of production is $0 and there is no fixed cost,the combined profit of the cartel will be

• A) $16
• B) $24
• C) $30
• D) $32

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Definitions:

Dram Shop Acts

Laws that allow for the prosecution of establishments serving alcohol to visibly intoxicated persons or minors who then cause harm due to their intoxication.

Malpractice

Negligence or incompetent professional behavior, often resulting in injury or loss.

Negligence

The failure to exercise appropriate care or to act in a manner expected of a reasonable person, resulting in harm or damage.

Misfeasance

Improperly performing a lawful act, which can lead to legal liability.