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 (oz.) $1,000 1,000 $900 2,000 $800 3,000 $700 4,000 $600 5,000 $500 6,000 $400 7,000 $300 8,000 v 1st attempt Part 1 (1.4 points) If the number of suppliers is large, what would be the price of gold? $ per ounce What would be the quantity? OZ.Part 2 (1.4 points) If there is only one supplier, what would be the price of gold? 5 per ounce What would be the quantity? 02. Part 3 (1.4 points) If there are only two suppliers and they form a cartel, what would be the price of gold? $ Assuming the two suppliers each produce equal amounts, how much gold would each supplier produce? per DUHEE DZ. Part 4 (0.7 point) See Hint Suppose that one of the two cartel members in Part 3 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? Choose one: O A. The firm that increases production gets higher revenue, and the other firm's revenue stays the same. O B. The firm that increases production gets lower revenue, but the other firm's revenue falls even more. O C. The firm that increases production gets higher revenue, and the other firm's revenue falls. O D. The firm that increases production gets higher revenue, and the other firm's revenue also rises, but by a smaller amount. O E. The revenue of both firms stays the same