Look at the able Demand Schedule for Gadgets. The market for gadgets consist 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 output 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