Use the Following to Answer Questions

question 114

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 and fixed cost of producing crude oil equal zero. Suppose that the two firms are maximizing industry profit and splitting the profit evenly. If both firms decide to cheat and produce 10 more barrels each, the price of crude oil will be:

• A) $160.
• B) $80.
• C) $70.
• D) $60.

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Definitions:

Anterograde Amnesia

An inability to form new memories.

New Memories

The process of forming and storing new information in the brain, which can involve converting short-term memories into long-term memories.

Inability

The state of lacking the power, means, or opportunity to accomplish a task or action.

Retrograde Amnesia

A loss of memory-access to events that occurred before a particular point in time.