Use the Following to Answer Questions

question 56

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 with no marginal cost or fixed cost. If industry output is 350 gadgets produced by Margaret and 250 gadgets produced by Ray and if Ray decides to increase output by 100, industry price will be:

• A) $3.
• B) $2.
• C) $1.
• D) $0.

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Definitions:

Codicil

A supplement or addition made to alter, explain, or otherwise modify a will, without revoking it entirely.

Working Sprinkler System

A fully operational fire suppression system installed in buildings that activates automatically in response to detectable signs of fire, such as heat or smoke.

Homeowner's Insurance Policy

An insurance plan that provides coverage for damage or loss to a homeowner's property and assets.

Policy Conditions

Specific provisions, rules, or requirements set forth in an insurance policy that must be met for the policy to be valid and for the insurer to perform its obligation.