The above (incomplete) table provides information about the relationships between output and various cost measures. The marginal cost per unit when increasing output from 14 to 17 units is

Which of following is not a condition that must be met for a cartel to maximize its joint profits?

A) Total output by the cartel must be allocated among the member firms such that the individual firm's marginal costs are equal. B) The cartel must produce the level of output at which its marginal revenues and marginal costs are equal. C) The cartel must be operating in the inelastic portion of its demand curve. D) Each member firm must employ the least-cost method of production.

"Our marginal revenue is greater than our marginal cost at the current production level." This statement indicates that the firm:

A. is maximizing profits. B. should decrease the quantity produced to increase profits. C. should increase the quantity produced to increase profits. D. None of the statements associated with this question are correct.