Reference: Ref 15-3 (Table: Three-Country Oil Production) Refer to the Table

question 115

Multiple Choice

Reference: Ref 15-3 (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:

Heart Failure

A chronic, progressive condition in which the heart muscle is unable to pump enough blood through to meet the body's needs for blood and oxygen.

Dilated

Describes a condition of being widened or enlarged, often referring to the dilation of blood vessels or the pupils of the eyes.

Hypertrophic

Referring to excessive growth or enlargement of an organ or tissue.

Restrictive

Limiting the freedom of action or movement; imposing constraints on something.