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(Table: Demand Schedules of Gadgets) Look at the Table Demand

Question 53

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(Table: Demand Schedules of Gadgets) Look at the table Demand Schedule for Gadgets.The market for gadgets is dominated by two producers, Margaret and Ray.Each firm can produce gadgets at a marginal cost of approximately $0.The table shows the market demand schedule.If these two producers formed a cartel and acted to maximize total industry profits, total industry output would be:


A) 10 gadgets.
B) 5 gadgets.
C) 50 gadgets.
D) 500 gadgets.

Correct Answer:

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