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 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
Correct Answer:

Verified
Correct Answer:
Verified
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