Use the Following to Answer Question

question 123

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 and fixed cost of producing crude oil equals zero.Suppose that the two firms are maximizing industry profit and splitting the profit evenly.If firm 1 decides to cheat and increase production by 10 more barrels,it will earn profits of:

• A)$6,400.
• B)$6,300.
• C)$3,500.
• D)$2,800.

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Definitions:

Dissonance Reduction

Involves efforts or strategies to alleviate the discomfort caused by holding two or more conflicting cognitions, such as beliefs, attitudes, or behaviors.

Cognitive Dissonance

A psychological phenomenon involving discomfort felt by an individual when they hold conflicting beliefs, ideas, or values at the same time.

Nutrition Expert

A professional who specializes in the study and practice of nutrition, including dietary choices and their impact on health.

Dissonance Resolution

The process of reducing conflict between one's actions and beliefs by altering either the actions, beliefs, or both.