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The table shows the demand schedule for gallons of gasoline sold by two gas stations, ABC and XYZ, in a small town. Price Quantity $10
The table shows the demand schedule for gallons of gasoline sold by two gas stations, ABC and XYZ, in a small town. Price Quantity $10 0 9 50 8 100 7 150 6 200 5 250 4 300 3 350 2 400 1 450 Assume that the marginal cost of selling the gasoline is zero. If the two gas stations are maximizing industry profit and splitting the profit evenly, each gas station's profit will be: $600. $625. $1,050. $1,200
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