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.If the industry were actually perfectly competitive,the output would be _____ gadgets,and the price would be _____.
A) 0;$10
B) 500;$5
C) 600;$4
D) 800;$2
Correct Answer:

Verified
Correct Answer:
Verified
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