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Suppose That Saudi Arabia Can Produce Oil at $4 Per

Question 230

Multiple Choice

Suppose that Saudi Arabia can produce oil at $4 per barrel, Iran at $10 per barrel, and Canada at $25 per barrel. If the price of oil is $90 per barrel, what is total producer surplus per barrel for world suppliers?


A) $270
B) $129
C) $231
D) $51

Correct Answer:

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