Multiple Choice
Table: Market for Oil Suppose that oil is produced by 10 countries, each of which produces 10 million barrels of oil a day (MBD) for a total 100 MBD. The world price of oil at this quantity is $36 per barrel so each country earns $360 million a day. 
Reference: Ref 15-2 (Table: Market for Oil) Refer to the table. Suppose that these countries form a cartel and each country produces 8 MBD. If one of the cartel members cheats by secretly pushing its production back to 10 MBD rather than 8, total revenue for the non-cheating countries would:
A) decrease from $400 million to $380 million a day.
B) decrease from $360 million to $288 million a day.
C) increase from $400 million to $500 million a day.
D) remain unchanged at $380 million a day.
Correct Answer:
Verified
Correct Answer:
Verified
Q12: All cartels and cartel-like behavior are illegal
Q16: The National Basketball Association is a:<br>A) natural
Q25: In an oligopolistic market, prices will tend
Q26: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB3375/.jpg" alt=" Reference: Ref 15-3
Q28: (Table: Firms A, B) Refer to the
Q33: (Table: Dana, Marnee Payoff Table) Refer to
Q35: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB3375/.jpg" alt=" Reference: Ref 15-1
Q38: Which of the following statements regarding cartels
Q59: OPEC is a _ that has been
Q109: The NBA is a like a cartel