Table 17-9 The Table Shows the Demand Schedule for a Particular Product

question 46

Multiple Choice

Table 17-9
The table shows the demand schedule for a particular product.
-Refer to Table 17-9. Suppose the market for this product is served by two firms that have formed a cartel. What price will the cartel charge in this market if the marginal cost of production is $4?

• A)$6
• B)$8
• C)$10
• D)$12

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Definitions:

Ball-and-Socket

A Ball-and-Socket joint is a type of synovial joint where a ball-shaped head of one bone fits into a concave socket of another, allowing multidirectional movement and rotation.

Plane Joint

A type of synovial joint that allows for only gliding movement in various planes, commonly found in the carpals of the wrist.

Opposition

The movement that involves bringing the thumb and a finger together.

Reposition

The act or process of placing or arranging something in a different position.