Look at the able demand schedule for gadgets the market for

Question

Look at the able Demand Schedule for Gadgets. The market for gadgets consits 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 and acted to maximize total industry profits, total industry outpu would be___and the price would be___

Price of a Gadget           Quantity of Gadgets Demanded

$10                                       0

9                                        100

8                                        200

7                                        300

6                                        400

5                                        500

4                                        600

3                                        700

2                                       800

1                                        900

0                                       1,000