Use the Following to Answer Question

question 94

Multiple Choice

Use the following to answer question:
-(Table: Demand for Crude Oil) Use Table: Demand for Crude Oil.Assume that the crude oil industry is a duopoly and the marginal cost of producing crude oil is zero.If the two firms collude to share the market equally,the price of crude oil will be _____,firm 1 will produce _____ barrels,firm 2 will produce _____ barrels,and each firm will earn revenue equal to _____.

• A)$80;80;80;$6,400
• B)$80;40;40;$3,200
• C)$60;50;50;$3,000
• D)$40;60;60;$2,400

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