Quick Buck and Pushy Sales Produce and Sell Identical Products

question 24

Multiple Choice

Quick Buck and Pushy Sales produce and sell identical products and face zero marginal and average cost.Below is the market demand and marginal revenue curves for the product.
Refer to the figure above.If Quick Buck and Pushy Sales decide to collude and work as a pure monopolist so that each firm will produce half the quantity demanded by the market,what will be the economic profit for Quick Buck?

• A)$1,000
• B)$1,500
• C)$2,000
• D)$3,000

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Definitions:

Surplus

Surplus is the situation in which the quantity supplied of a product or service exceeds the quantity demanded, often leading to lower prices.

Equilibrium Interest Rate

The interest rate at which the supply of savings meets the demand for investment funds in a market, leading to an economic balance.

Nara Period

A period in Japanese history (710-794 AD) known for its cultural and artistic achievements, including the establishment of Buddhism as a state religion and the construction of the Todai-ji temple.

Buddhist Dignitaries

High-ranking Buddhist monks or officials who play significant roles in religious ceremonies and governance of Buddhist institutions.