Table 16-6 -Refer to Table 16-6.This Table Shows the Demand Schedule for the Demand

question 73

Multiple Choice

Table 16-6

-Refer to Table 16-6.This table shows the demand schedule for a particular product.Suppose the market for this product is served by two duopolists who have formed a cartel and are colluding to set the price and quantity in this market.If the marginal cost to produce this product is $2,what price will the cartel set in this market?

• A)$4
• B)$5
• C)$6
• D)$7

---

Definitions:

John Singleton Copley

An American painter active in the 18th century, known for his portraits of important colonial figures and British nobility.

Paul Revere

An American silversmith and patriot in the American Revolution, best known for his midnight ride to alert colonial militia of British forces' approach.

Enlightenment Thought

A philosophical movement in the 17th and 18th centuries emphasizing reason, individualism, and skepticism toward traditional doctrines.

Newton

Sir Isaac Newton, an English mathematician, physicist, and astronomer who formulated the laws of motion and universal gravitation.