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. 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 250 gadgets, Ray's profits will be:
Definitions:
Leather Shoes
Footwear made from the hide of animals, treated and fashioned into various styles and forms for practical and fashion purposes.
Downward-Sloping
Describes a line or curve that moves from the upper left to the lower right, often used to illustrate a decrease in price leading to an increase in demand.
Upward-Sloping
A term often used in economics to describe a curve or line on a graph that increases in value as you move from left to right, indicating a direct relationship between two variables.
Excise Tax
A tax on the sale or use of specific products or transactions.
Q2: (Figure: Profit Maximization in Monopolistic Competition) Look
Q40: (Table: Spring Water) The table Spring Water
Q53: Two large electronic retailers, Biggest Buy and
Q107: (Figure: Monopoly Profits in Duopoly) Look at
Q167: The effect of product differentiation is to
Q179: (Figure: Demand, Revenue, and Cost Curves) Look
Q191: Monopolistic competitors often hire a celebrity spokesperson
Q191: According to many economists, the government should:<br>A)
Q241: The most important source of oligopoly in
Q344: (Figure: Water Works) Look at the figure