Use the following to answer questions: 
-(Table: Demand Schedule for Gadgets) Look at the table Demand Schedule for Gadgets. The market for gadgets consists of two producers, Margaret and Ray. Each firm can produce gadgets with no marginal cost or fixed cost. If these two producers formed a cartel and acted to maximize total industry profits, total industry profit would be:
Definitions:
Collect Like Terms
A mathematical process in algebra that involves combining terms that have the same variables raised to the same power.
Operation Indicated
The specific procedure or set of procedures designated by particular signs in an equation or formula.
Collect Like Terms
In algebra, the process of combining terms that have the same variables raised to the same power into a single term.
Operation Indicated
Definition: The specific arithmetic operation (such as addition, subtraction, multiplication, division) suggested or required by a problem or equation.
Q16: (Figure: Monopolistic Competition VI) In the figure
Q27: _ is the practice of selling _
Q30: Since a monopolistic competitor charges a price
Q73: Advertising is an example of product differentiation.
Q87: What is meant by a negative externality?
Q94: If the toothpaste market is monopolistically competitive,
Q136: (Figure: A Profit-Maximizing Monopoly Firm) Look at
Q136: (Figure: Profit Maximization in Monopolistic Competition) In
Q191: According to many economists, the government should:<br>A)
Q289: (Table: Demand Schedule for Gadgets) Look at