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:

New Frontier

A term used by President John F. Kennedy to describe his goals and policies aimed at renewal and change in domestic and foreign affairs.

Social-Policy Agenda

A social-policy agenda refers to a planned set of policies and principles aimed at improving social conditions, addressing issues such as health, education, welfare, and equal opportunities.

Great Society

A set of domestic programs in the United States launched by President Lyndon B. Johnson aimed at eliminating poverty and racial injustice through education, healthcare, and civil rights reforms.

Guaranteed Annual Income

A governmental policy proposal to provide a minimum financial support to all citizens, ensuring a basic standard of living.