Use the Following to Answer Questions

question 20

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, industry output will be _____ barrels.

• A) 100
• B) 120
• C) 110
• D) 160

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Definitions:

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A disorder characterized by the presence of two or more distinct personality states that control an individual's behavior at different times.

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