Use the Following to Answer Questions

question 79

Multiple Choice

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. Suppose that these two producers have formed a cartel, agreed to split production of output evenly, and are maximizing total industry profits. If Margaret decides to cheat on the agreement and sell 100 more gadgets, Margaret's quantity effect will be a(n) _____ in profit of _____.

• A) decrease; $100
• B) increase; $100
• C) increase; $300
• D) decrease; $300

---

Definitions:

Intellectualism

The exercise and advocacy of the intellect or the pursuit of knowledge and learning for its own sake.

Psychological Structure

The organized system of behaviors, attitudes, and patterns that constitute an individual's psychological makeup or personality.

History

The study and interpretation of past events, people, and societies, traditionally focusing on written records but also encompassing oral histories and traditions.

Family Characteristics

Refers to the traits, customs, and patterns of behavior that distinguish one family from another, including dynamics, values, and roles within the family unit.