Multiple Choice
Use the following to answer question: 
-(Table: Demand for Crude Oil) Use Table: Demand for Crude Oil.Assume that the crude oil industry is a duopoly and the marginal cost of producing crude oil is zero.Suppose that the two firms are maximizing industry profit and splitting the profit evenly.If firm 1 decides to cheat and increase production by 10 more barrels,the price of crude oil will be:
A) $0.
B) $70.
C) $80.
D) $160.
Correct Answer:
Verified
Correct Answer:
Verified
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