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 and fixed cost of producing crude oil equals zero. Suppose that the two firms are maximizing industry profit and splitting the profit evenly. If both firms engage in noncooperative behavior, the industry output will be _____ barrels, and the price of crude oil will be _____.
Definitions:
Customer Orders
Requests placed by customers for the purchase of goods or services from a business.
Performance Deficiency
The gap between actual performance and the expected or desired performance in a work setting, often indicating the need for improvement.
Useful Information
Data that is relevant, accurate, and timely, which supports decision-making processes.
Accurate
The quality of being correct and precise without errors.
Q23: A(n) _ is a single firm with
Q74: Firm A and firm B both produce
Q76: (Table: Coal Mine Pollution) The table Coal
Q86: (Figure: Three Firms that Pollute) Look at
Q92: A monopolistically competitive industry has some of
Q107: Public policies toward monopoly in the United
Q120: The problem of wasteful duplication in monopolistic
Q185: Many customers will walk right past a
Q197: If monopolistically competitive firms are earning positive
Q327: If the government allowed only one airline