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

question 192

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,firm 1's profit will be _____,and firm 2's profit will be _____.

• A) $3 200;$3 200
• B) $3 200;$3 000
• C) $3 000;$3 200
• D) $3 000;$3 000

---

Definitions:

Socioeconomic Status

The social standing or class of an individual or group, often measured as a combination of education, income, and occupation.

Standards of Living

The level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area.

Post-traumatic Stress Disorder

A psychiatric disorder that can occur in people who have experienced or witnessed a traumatic event, characterized by flashbacks, nightmares, severe anxiety, and uncontrollable thoughts about the event.

Flashbacks

A sudden and intense re-experiencing of past memories or events, often associated with traumatic experiences.