(Table: Demand Schedules of Gadgets) Look at the Table Demand

question 18

Multiple Choice

(Table: Demand Schedules of Gadgets) Look at the table Demand Schedule for Gadgets.The market for gadgets is dominated by two producers, Margaret and Ray.Each firm can produce gadgets at a marginal cost of approximately $0.The table shows the market demand schedule.If these two producers formed a cartel and acted to maximize total industry profits, total industry output would be:

• A)10 gadgets.
• B)5 gadgets.
• C)50 gadgets.
• D)500 gadgets.

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Definitions:

Chameleon Effect

The subconscious mimicry of the postures, mannerisms, facial expressions, and other behaviors of one's interaction partners, often as a means of social rapport.

Social Facilitation

Improved performance on simple or well-learned tasks in the presence of others.

Group Polarization

The enhancement of a group’s prevailing inclinations through discussion within the group.

Social Loafing

The phenomenon where individuals exert less effort to achieve a goal when they work in a group than when they work alone.