Use the Following to Answer Questions

question 96

Multiple Choice

Use the following to answer questions:
-(Table: Demand for Crude Oil) Look at the table Demand for Crude Oil. The marginal cost of producing crude oil is zero. If the crude oil industry is a monopoly, the price of crude oil will be _____, the total quantity of crude oil produced by the monopoly will be _____ barrels, and the monopoly will earn revenue equal to _____.

• A) $80; 80; $6,400
• B) $80; 80; $0
• C) $160; 0; $0
• D) $60; 100; $6,000