Table: Market for Oil

$\backslash$table$[[$World Price $($per barrel$),$World Quantity $($MBD$)],[$$$36\mathrm{.}00,100],[37\mathrm{.}50,98],[47\mathrm{.}50,82],[50\mathrm{.}00,80]]$

Suppose that oil is produced by $10$ countries, each of which produces $10$ million barrels of oil a day $($MBD$)$ for a total of $100$ MBD $.$ The world price of oil at this quantity is $$36$ per barrel, so each country earns $$360$ million a day. Suppose that these countries form a cartel and each country produces $8$ MBD $.$ If nine of the cartel members cheat and produce $10$ MBD while one country keeps its promise and maintains production at $8$ MBD $,$ each cheater will earn revenue of:

$$375$ million a day, while the noncheating country will earn $$300$ million a day.

$$375$ million a day, while the noncheating country will earn $$360$ million a day.

$$400$ million a day, while the noncheating country will earn $$300$ million a day.

$$400$ million a day, while the noncheating country will earn $$360$ million a day.