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 _____.
Definitions:
Feature Detection
The process by which the brain identifies specific elements or patterns, such as lines or edges, in a visual stimulus.
Perceptual Set
A mental predisposition to perceive one thing and not another, influenced by expectations, emotions, culture, and past experiences.
Top-Down Processing
Top-down processing is a cognitive process in which our expectations or previous knowledge guide the interpretation of sensory information.
Bottom-Up Processing
A perception approach where processing starts with sensory input and works up to the formation of a perception.
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