Quick Buck and Pushy Sales produce and sell identical products and face zero marginal and average cost. Below is the market demand curve for their product. If Quick Buck and Pushy Sales decide to collude and work together as a monopolist, then together they should produce ________ units per month and charge ________ per unit.

Briefly describe the concept of the "invisible hand."

What will be an ideal response?

Assume there is an improvement in technology that increases the marginal product of each unit of labor. This would have the effect of:

A) reducing the average total cost, average variable cost, and marginal cost of production. B) increasing the average total cost, average variable cost, and marginal cost of production. C) reducing the average variable cost and marginal cost of production, but average total cost would be unchanged. D) reducing the average total cost and average variable cost of production, but marginal cost would be unchanged.