Question
Table 17-2. The table shows the town of Pittsville's demand schedule for gasoline. For simplicity, assume the town's gasoline seller(s) incur no costs in selling
Table 17-2. The table shows the town of Pittsville's demand schedule for gasoline. For simplicity, assume the town's gasoline seller(s) incur no costs in selling gasoline.
Quantity (in gallons) | Price | Total Revenue (and total profit) |
0 | $10 | $0 |
100 | 9 | 900 |
200 | 8 | 1,600 |
300 | 7 | 2,100 |
400 | 6 | 2,400 |
500 | 5 | 2,500 |
600 | 4 | 2,400 |
700 | 3 | 2,100 |
800 | 2 | 1,600 |
900 | 1 | 900 |
1,000 | 0 | 0 |
Refer to Table 17-2. If there are exactly three sellers of gasoline in Pittsville and if they collude, then which of the following outcomes is most likely?
Group of answer choices
Each seller will sell 166.67 gallons and charge a price of $1.33.
Each seller will sell 166.67 gallons and charge a price of $5.
Each seller will sell 200 gallons and charge a price of $4.
Each seller will sell 233.33 gallons and charge a price of $5.
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