If a large share of the world supply of diamonds comes from Russia and South Africa. Suppose that the marginal cost of mining diamonds is constant at $1,000 per diamond, and the demand for diamonds is described by the schedule shown in Problems and Applications #1 of Chapter 16 of Mankiw’s 5th edition. If Russia and South Africa formed a cartel, they would charge a ____ price and a quantity of ____.
If a large share of the world supply of diamonds comes from Russia and South Africa.
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