Table 17-8

question 131

Multiple Choice

Table 17-8.For a certain small town,the table shows the demand schedule for water.Assume the marginal cost of supplying water is constant at $4 per bottle.

-Refer to Table 17-8.If there are two suppliers of water,Mort and Callie,and if they have successfully formed a cartel,then what would be the price and the market quantity?

• A) The price would be $7 per bottle and the market quantity would be 300 bottles.
• B) The price would be $6 per bottle and the market quantity would be 400 bottles.
• C) The price would be $5 per bottle and the market quantity would be 500 bottles.
• D) The price would be $4 per bottle and the market quantity would be 600 bottles.

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