Examlex

Solved

Use the Following to Answer Question

question 206

Multiple Choice

Use the following to answer question: 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 costs of producing crude oil equal zero.Suppose that the two firms are maximizing industry profit and splitting the profit evenly.If both firms engage in noncooperative behavior,the industry output will be _____ barrels,and the price of crude oil will be _____. A) 0;$160 B) 80;$80 C) 100;$60 D) 160;$0
-(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 costs of producing crude oil equal zero.Suppose that the two firms are maximizing industry profit and splitting the profit evenly.If both firms engage in noncooperative behavior,the industry output will be _____ barrels,and the price of crude oil will be _____.


Definitions:

Labor Force

The total number of people employed or seeking employment in a country or region.

Civilian Labor Force

The sum of all civilians classified as employed or unemployed, indicating those available for work.

Discouraged Worker

An individual who is not actively seeking employment due to believing that no work is available for them, leading to their exclusion from the labor force in unemployment statistics.

Bureau Of Labor Statistics

A U.S. government agency that collects and analyses economic data to report on labor market activity, working conditions, and price changes.

Related Questions