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Adrianna Alexis
on Oct 27, 2024

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(Table: Demand for Crude Oil) Use Table: Demand for Crude Oil.The marginal cost of producing crude oil is zero.If the crude oil industry is a monopoly,the price of crude oil will be _____,the total quantity of crude oil produced by the monopoly will be _____ barrels,and the monopoly will earn revenue equal to _____.

A) $80;80;$6,400
B) $80;80;$0
C) $160;0;$0
D) $60;100;$6,000

Monopoly

A market structure characterized by a single seller that controls the entire supply of a product or service, with no close substitutes.

Marginal Cost

Marginal cost is the change in total cost that arises when the quantity produced is incremented by one unit.

Revenue

Revenue is the total income generated from normal business operations, like selling goods or services, before any expenses are deducted.

  • Learn how differing market organizations (monopoly, duopoly, oligopoly) impact the decision-making processes of companies concerning pricing and output.
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Yesenia VelasquezOct 30, 2024
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