Refer to the above table. The production of this good goes through 4 different stages of production. What is the total dollar value added when production is completed?
A. $0.07
B. $0.32
C. $0.25
D. Cannot be computed without more information.
Answer: C
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The reason an unregulated natural monopolist will produce at an economically inefficient quantity is
A) due to the fact that the monopolist will equate marginal cost with price to determine the output level. B) due to the fact that the monopolist will equate average total cost with price to determine the output level. C) that the price does not equal the true marginal cost of producing the good. D) that the monopolist will produce a quantity greater than the minimum of the average total cost curve.
Network externalities
a. explain why switching costs fall as the size of a network increases b. are the service-industry equivalent of natural monopolies in goods-producing industries c. are more important in the short run than in the long run d. help explain why monopolies often do not last for very long e. can explain the dominance of existing firms in some industries
The total revenue of Grandma's Fudge Factory is equal to the:
A. average cost times quantity sold. B. elasticity of demand divided by percentage change in quantity. C. price of fudge times quantity sold. D. income minus explicit and implicit costs.
Which of the following situations would be examples of price discrimination?
A. United Airlines charges customers who book 14 days ahead a lower price than those who don't. B. Chevron gas stations charges customers 20 cents more per gallon if they choose the premium grade over the regular unleaded. C. The local carwash charges drivers of minivans and large SUVs a $2.00 "large vehicle" surcharge. D. GEICO, an insurance company, charges higher rates to those who received more than one speeding ticket in the last 6 months.