Use the Following to Answer Questions

question 71

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 but Ray continues to sell 200 gadgets, Ray's profits will be:

• A) $1,400.
• B) $1,250.
• C) $600.
• D) $400.

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Definitions:

Aboriginal Peoples

A term referring to the first inhabitants of regions such as Australia, Canada, and other parts of the world, acknowledging their unique cultures, languages, and spiritual beliefs.

Institutional Racism

A form of racism that is embedded in the laws and regulations of a society or organization, leading to discrimination against certain racial or ethnic groups.

Scapegoating

The practice of unfairly blaming an individual or group for problems or negative outcomes, often to deflect attention or responsibility from the true causes.

Prejudice

A preconceived opinion or judgment about an individual or group without sufficient knowledge, factual basis, or experience, often leading to discrimination.