ECO 112 - Monopolistic Competition and Oligopoly Monte Carlo Questions The marginal cost of mining gold is constant at $300 per ounce. The demand schedule is listed below. Total Total Total L'Iargl Margin Output | Revenue Cast nue . If there is a very large number of sellers of gold, what price and quantity will be sold? . If there is only one supplier, what would be the price and quantity? . If there are only two suppliers and they compete with each other, what would be the price and quantity produced by each supplier? How much profit will be earned by each supplier? . If there are only two suppliers and they form a cartel, what would be the price and quantity produced by each supplier? How much profit will be earned by each supplier? . Suppose the two suppliers form a cartel, but one supplier decides to increase its production by 1000 ounces (cheating on the agreement made with the other firm). What would be the price and quantity produced by each supplier? How much profit will be earned by each supplier? . I will reroll