Use the Following to Answer Question

question 23

Multiple Choice

Use the following to answer question:
-(Table: Demand for Crude Oil) Use Table: Demand for Crude Oil.The marginal cost of producing crude oil is zero.If the crude oil industry is a monopoly,the price of crude oil will be _____,the total quantity of crude oil produced by the monopoly will be _____ barrels,and the monopoly will earn revenue equal to _____.

• A)$80;80;$6,400
• B)$80;80;$0
• C)$160;0;$0
• D)$60;100;$6,000

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Definitions:

Cultural Capital

Non-financial social assets that promote social mobility beyond economic means, such as education, intellect, style of speech, and dress.

Cultural Literacy

The ability to understand and participate fluently in a given culture, including knowledge of history, significant figures, and pivotal events.

Counterculture

A culture, especially among the young, that rejects the dominant societal norms and values, often manifesting in alternative lifestyles and political viewpoints.

Social Control

A mechanism, typically involving laws, norms, and norms enforcement, used by society to regulate individual and group behavior, maintaining social order.