Use the Following to Answer Questions -(Table: Demand for Crude Oil)Use Table: Demand for Crude Oil

question 154

Multiple Choice

Use the following to answer questions : $$\begin{array}{l}\text { Table: Demand for Crude Oil }\\\begin{array} { c c c } \text { Quantity } & \begin{array} { c } \text { Price } \\\text { (\$/barrel) }\end{array} & \begin{array} { c } \text { Total } \\\text { Revenue (\$) }\end{array} \\\hline 0 & \$ 160 & \$ 0 \\10 & 150 & 1500 \\20 & 140 & 2800 \\30 & 130 & 3900 \\40 & 120 & 4800 \\50 & 110 & 5500 \\60 & 100 & 6000 \\70 & 90 & 6300 \\80 & 80 & 6400 \\90 & 70 & 6300 \\100 & 60 & 6000 \\110 & 50 & 5500 \\120 & 40 & 4800 \\130 & 30 & 3900 \\140 & 20 & 2800 \\150 & 10 & 1500 \\160 & 0 & 0\end{array}\end{array}$$
-(Table: Demand for Crude Oil) Use Table: Demand for Crude Oil.Assume that the crude oil industry is a duopoly and the marginal and fixed costs 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:

Pancreas

An organ in the abdomen involved in the digestion process and the regulation of blood sugar levels by producing enzymes and hormones like insulin.

Insulin

A substance secreted by the pancreas that controls levels of blood sugar by aiding the absorption of glucose by the body's tissues.

Blood Glucose Level

The concentration of glucose present in the blood, which is a critical indicator of metabolic health and is regulated by insulin and glucagon.

Ghrelin Production

The process of producing ghrelin, a hormone primarily released by the stomach that stimulates appetite.