Use the Following to Answer Questions: Table: Three-Country Oil Production

question 232

Multiple Choice

Use the following to answer questions: Table: Three-Country Oil Production $$\begin{array} { | c | c | } \hline \text { Total Market Output } & \text { Market Price } \\\hline 600 & 90 \\\hline 800 & 80 \\\hline 1,000 & 70 \\\hline 1,200 & 60 \\\hline 1,400 & 50 \\\hline 1,600 & 40 \\\hline 1,800 & 30 \\\hline\end{array}$$
-(Table: Three-Country Oil Production) Refer to the table. Suppose that three countries are engaged in oil production. For simplicity, assume zero costs so that revenue equals profit. Assume that Country A cheats on the cartel agreement by producing 200 more barrels than the other two countries. What is the resultant profit earned by each of the other two countries?

• A) 20,000
• B) 30,000
• C) 70,000
• D) 24,000

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Definitions:

Cognitive Processes

Mental activities involved in the acquisition, storage, retrieval, and use of knowledge, including perception, memory, reasoning, and problem-solving.

Classical Conditioning

Learning via the association between a stimulus present in the environment and one that occurs naturally.

CS And US

In classical conditioning, CS stands for conditioned stimulus and US stands for unconditioned stimulus.

Latent Learning

The process by which something is learned but not immediately expressed or noticeable until a later time.