Use the Following to Answer Question

question 59

Multiple Choice

Use the following to answer question:
-(Table: Demand Schedule of Gadgets) Use Table: Demand Schedule of 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.Suppose that these two producers have formed a cartel,agreed to split production of output evenly,and are maximizing total industry profits.If Margaret decides to cheat on the agreement and sell 100 more gadgets,Margaret's profit will be _____,and Ray's profit will be _____.

• A)$1500;$1,000
• B)$900;$600
• C)$1,400;$1,000
• D)$1,000;$1,400

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Definitions:

Hour

An hour is a unit of time equal to 60 minutes, commonly used to measure the duration of events or the length of shifts in various contexts.

Earned

Income received for work performed or investments. It can refer to wages, salaries, or other forms of income.

High School

A secondary school offering education from approximately ages 14 to 18, typically following elementary or middle school.

Hours

Units of time equivalent to 60 minutes, commonly used to measure the duration of events or work periods.