(Table: Demand for Crude Oil) Look at the Table Demand

question 171

Multiple Choice

(Table: Demand for Crude Oil) Look at the table Demand for Crude Oil.Assume that the crude oil industry is a duopoly and the marginal cost of producing crude oil equals zero.Suppose that the two firms are maximizing industry profit and splitting the profit evenly.If firm 1 decides to cheat and increase production by 10 more barrels and firm 2 continues to produce 40 barrels, firm 2 will earn profits of:

• A)$6,400.
• B)$6,300.
• C)$3,500.
• D)$2,800.

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