Table 16-5 -Refer to Table 16-5.This Table Shows the Demand Schedule for the Demand

question 214

Multiple Choice

Table 16-5

-Refer to Table 16-5.This table shows the demand schedule for a particular product.Suppose the market for this product is served by two firm who collude and form a cartel.What price will the cartel charge in this market if the marginal cost of production is $0?

• A)$6
• B)$8
• C)$10
• D)$12

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Definitions:

Unemployment Tax Rates

The percentages that employers are required to pay on behalf of their employees to the government for unemployment insurance.

Employer's Payroll

This encompasses the total amount of all compensation that a business must pay to its employees for a set period of time or on a given date.

May Wages

The total payroll expenses incurred for labor during the month of May.

FICA-Social Security Tax

A federal tax in the United States collected from both employees and employers to fund the Social Security program.