Multiple Choice
(Table: Market for Oil) Refer to the table. Suppose that thesecountries form a cartel and each country produces 8 MBD. If 9 of the cartel members cheat and produce 10 MBD while onecountry keeps its promise and maintains production at 8 MBDeach cheater would earn revenue of:
A) $375 million a day, while the non-cheating country would earn $300 million a day.
B) $375 million a day, while the non-cheating country would earn $360 million a day.
C) $400 million a day, while the non-cheating country would earn $300 million a day.
D) $400 million a day, while the non-cheating country would earn $360 million a day.
Correct Answer:
Verified
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