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question 203

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Use the following to answer questions: 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 these two producers formed a cartel, split the production of output equally, and acted to maximize total industry profits, each firm's output would be _____ and each firm's profit would be _____. A)  500; $2,500 B)  250; $1,250 C)  1,000; $500 D)  1,000; $10,000
-(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 these two producers formed a cartel, split the production of output equally, and acted to maximize total industry profits, each firm's output would be _____ and each firm's profit would be _____.


Definitions:

Monetary

Relating to money or currency, especially the management of money by governments or financial institutions.

Nonmonetary

Pertains to transactions or incentives not involving financial exchange, often referring to barter, volunteerism, or other forms of trade.

Clientelling

A sales technique that involves creating long-term relationships with customers by providing personalized service and attention.

Personalized Shopping Experience

Tailored shopping engagements that cater to the individual preferences and behaviors of customers.

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