Use the Following to Answer Question

question 25

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 and fixed cost of producing crude oil equal zero.Suppose that the two firms are maximizing industry profit and splitting the profit evenly.If both firms decide to cheat and produce 10 more barrels each,the price of crude oil will be:

• A)$160.
• B)$80.
• C)$70.
• D)$60.

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Definitions:

Force Change

Implementing changes through the use of power, authority, or influence, often without seeking consensus or agreement.

Self-Directed Work Teams

Groups of employees who manage their own tasks and responsibilities without traditional managerial supervision, usually aimed at improving efficiency and job satisfaction.

Saturn Plant

A manufacturing facility operated by the Saturn Corporation, a subsidiary of General Motors, known for innovative labor-management relations and production techniques.

Management-Labor Relationship

The management-labor relationship is the dynamic interaction between management (employers) and labor (employees or their representatives), encompassing negotiation, cooperation, and sometimes conflict over work conditions, wages, and policies.