(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:

E-commerce

E-commerce refers to the buying and selling of goods or services using the internet, and the transfer of money and data to execute these transactions.

Retail Sales

The selling of goods and services directly to consumers for personal use.

Transactions

Financial activities involving exchanges of value between two parties, often recorded and tracked in accounting systems.

Paperwork

The written documents or records, especially those associated with transactions, processes, or administration.