Use the Following to Answer Questions

question 194

Multiple Choice

Use the following to answer questions:
-(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 the industry is operating in perfect competition, 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

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Definitions:

Immune System Functioning

The complex processes by which the body's immune cells and substances protect against disease-causing pathogens and unhealthy cells.

Cognitive Functioning

The range of mental abilities including the capacity to learn, remember, solve problems, think abstractly, comprehend complex ideas, and use language.

Pessimistic People

Individuals who tend to see the worst aspect of things or believe that the worst will happen; a tendency to be gloomy and expect negative outcomes.

Immune System

System that protects the body from disease-causing microorganisms and affects susceptibility to diseases.