Suppose that the marginal cost of mining gold is constant at $300 per ounce and the demand schedule is as follows:

PRICE (per oz.)	QUANTITY (per oz.)
$1000	1000
$900	2000
$800	3000
$700	4000
$600	5000
$500	6000
$400	7000
$300	8000

a.) If the number of supplies is large, what would be the price and quantity?

b.) If there is only one supplier, what would be the price and quantity?

c.) If there are only two suppliers and they form a cartel, what would be the price and quantity?

d.) Suppose that one of the two cartel memebers in part (c) decides to increase its production by 1,000 ounces while the other member keeps its production constant. What will happen to the revenues of both firms?