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

question 19

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 engage in noncooperative behaviour,the industry output will be _____ barrels,and the price of crude oil will be _____.

• A) 0;$160
• B) 80;$80
• C) 100;$60
• D) 160;$0

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Definitions:

Psychoanalytic Perspectives

A framework in psychology which posits that human behavior is a result of interactions among various unconscious psychological processes.

Conscientiousness

One of the five major personality traits, characterized by high levels of thoughtfulness, good impulse control, and goal-directed behaviors.

Negative Emotions

Negative emotions are feelings that are perceived as unpleasant or harmful to the emotional well-being of an individual, such as sadness, anger, or fear.

Forgives

The act of letting go of resentment, anger, or claims against someone who has wronged you.