Suppose the world demand schedule for oil is as follows: Price per Barrel Quantity Demanded $50 80 $75 60 $125 40 There are two oil-producing countries, A and B. Each will produce either 20 or 40 barrels of oil. To keep things simple, assume they can produce this oil at zero cost. There are four possible outcomes: Country B produces 20 or 40 barrels of oil and Country A produces 20 or 40 barrels of oil. Find each country's profit for each of these four possibilities. If Country A produces 20 and Country B produces 20, then Country A's profit is $ 2,500 and Country B's profit is $ 2,500 . (Enter your responses as integers.) If Country A produces 40 and Country B produces 20, then Country A's profit is $ 3,000 and Country B's profit is $ 1,500 . (Enter your responses as integers.) If Country A produces 20 and Country B produces 40, then Country A's profit is $ 1,500 and Country B's profit is $ 3,000 . (Enter your responses as integers.) If Country A produces 40 and Country B produces 40, then Country A's profit is $ 2,000 and Country B's profit is $ 2,000 . (Enter your responses as integers.) These payoffs are illustrated in the payoff matrix on the right. Suppose these countries choose the quantity of oil to produce simultaneously and without consulting with one another. What is each country's dominant strategy? If Country A produces 20 and Country B produces 20, then Country A's profit is $ 2,500 and Country B's profit is $ 2,500 . (Enter your responses as integers.) If Country A produces 40 and Country B produces 20, then Country A's profit is $ 3,000 and Country B's profit is $ 1,500 . (Enter your responses as integers.) If Country A produces 20 and Country B produces 40, then Country A's profit is $ 1,500 and Country B's profit is $ 3,000 . (Enter your responses as integers.) If Country A produces 40 and Country B produces 40, then Country A's profit is $ 2,000 and Country B's profit is $ 2,000 . (Enter your responses as integers.) These payoffs are illustrated in the payoff matrix on the right. Suppose these countries choose the quantity of oil to produce simultaneously and without consulting with one another. What is each country's dominant strategy? A's dominant strategy is to produce 40 and B's dominant strategy is to produce 20. A's dominant strategy is to produce 20 and B's dominant strategy is to produce 40. v Each country's dominant strategy is to produce 40. Each country's dominant strategy is to produce 20. Neither firm has a dominant strategy. The oil ministers realize they can do better if they collude and agree that each will produce 20. By colluding, each country will increases its profit by $| | if each produces 20 instead of 40. (Enter your response as an integer.)