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 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
Correct Answer:
Verified
Correct Answer:
Verified
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