Multiple Choice
The figure given below shows a situation where the producers of good X are forming an international cartel. Here, MR = Marginal Revenue, MC = Marginal Cost, and P = Price. The cartel use monopoly pricing for its output. 
How much well-being would world lose as a result of the formation of the cartel?
A) $5.0 billion
B) $12.5 billion
C) $15.0 billion
D) $50.0 billion
Correct Answer:
Verified
Correct Answer:
Verified
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