The Figure Given Below Shows a Situation Where the Producers

question 39

Multiple Choice

The figure given below shows a situation where the producers of good X are forming an international cartel. Here, MR = Marginal Revenue, MC = Marginal Cost, and P = Price. The cartel use monopoly pricing for its output. If the world market for good A were perfectly competitive, the price per unit would be _____ and the industry profits (before subtracting any fixed costs) would be _____.

• A)$600; $90.0 billion
• B)$600; $22.5 billion
• C)$1,000; $50.0 billion
• D)$500; $10.0 billion

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Definitions:

Collective Consciousness

The set of shared beliefs, ideas, and moral attitudes which operate as a unifying force within society.

Social Institutions

Complexes of norms, values, and roles that organize social activities into stable patterns and contribute towards meeting social needs, such as family, education, and government.

Division of Labor

The allocation of different tasks and responsibilities to different individuals or groups in an organization or society.

Types of Societies

Categories or groups of societies classified based on their social features, methods of subsistence, or other important characteristics.