Scenario 16-1 Assume That the Countries of Irun and Urun Are the Are

question 56

Multiple Choice

Scenario 16-1
Assume that the countries of Irun and Urun are the only two producers of crude oil. Further assume that both countries have entered into an agreement to maintain certain production levels in order to maximize profits. In the world market for oil, the demand curve is downward sloping.
-Refer to Scenario 16-1.The agreed-upon production level between the two countries will invariably be

• A)lower than the Nash equilibrium level.
• B)equal to the Nash equilibrium level.
• C)equal to the duopoly market equilibrium level.
• D)higher than the duopoly market equilibrium level.

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