Use the Following to Answer Questions

question 272

Multiple Choice

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 at a marginal cost of $2 and no fixed cost. If these two producers formed a cartel, agreed to split production of output evenly, and acted to maximize total industry profits, total industry profit would be:

• A) $10,000.
• B) $5,000.
• C) $2,500.
• D) $1,600.

---

Definitions:

Telling the Truth

The act of conveying facts or reality as accurately as possible, without deception or omission.

Waiting Patiently

The ability to endure delay or endure difficult situations without becoming annoyed or anxious.

North American Companies

Businesses or corporations that are based in North America, encompassing Canada, the United States, and Mexico.

Change Initiatives

Programs or projects implemented to alter the course of an organization’s path, aiming for improvement in processes, culture, or outcomes.