Suppose That Four Land Owners,A,B,C,and D,own Adjacent Lots

question 24

Multiple Choice

Suppose that four land owners,A,B,C,and D,own adjacent lots.Recently,a pool of oil was discovered that is under all four lots but does not extend beyond the four lots.Below is information on the relationship between number of oil wells,output per well and revenue per well.
-Refer to the information above.If the marginal cost of drilling a well is $94,then each land owner will drill __________ wells for a total of __________ wells.

• A) 2;8
• B) between 1 and 8;between 4 and 32
• C) 4;6
• D) between 4 and 8;between 16 and 32
• E) 8;32

---

Definitions:

Valuable Artwork

Works of art that possess significant monetary, cultural, or historical value.

Legal Implications

The potential legal consequences or effects arising from certain actions or decisions.

Mishap

An unforeseen accident or minor mistake resulting in damage or inconvenience.

Life Insurance Policy

A contract between an individual and an insurance company, where the insurer pays a designated beneficiary a sum of money upon the death of the insured person.