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 at a marginal cost of $2 and no fixed cost. If these two producers formed a cartel, agreed to split production of output evenly, and acted to maximize total industry profits, total industry output would be _____ and the price would be _____.
Definitions:
Shares Outstanding
The total number of a company's shares that are currently owned by shareholders, including those held by institutional investors and corporate officers.
Lockout Period
A time span during which certain actions, like withdrawing funds or selling shares, are restricted or prohibited.
Share Price
The current price at which a single share of a company's stock can be bought or sold on the market.
Contract Multiplier
A factor used in options and futures contracts to determine the total value of the contract.
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