Question: D Question 14 1 pts Consider again the small country of Fristad and its domestic oil industry. Fristad's domestic supply function for oil is Q

 D Question 14 1 pts Consider again the small country of

D Question 14 1 pts Consider again the small country of Fristad and its domestic oil industry. Fristad's domestic supply function for oil is Q = 1000P and is domestic demand function for oil is Q = 400,000 - 4000P, where Q is barrels of oil per day and P is dollars per barrel. Currently Fristad does not trade oil internationally. Rather than moving to a regime of free trade in oil, Fristad is instead considering trading oil internationally, but using a quota to limit oil imports to a maximum of 50,000 barrels per day. If were to do so, the price of oil in Fristad would be about O $75 per barrel O $50 per barrel O $80 per barrel O $70 per barrel O $60 per barrel $55 per barrel O $65 per barrel

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