A multi-plant firm has three plants. At its current production levels, the marginal cost of production is $1.50 at plant 1, $1.50 at plant 2, and $1.50 at plant 3. The firm's overall marginal cost of production is ________.
A) $7.50
B) $1.50
C) $4.50
D) $3.00
C) $4.50
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The RAND Health Insurance experiment compared costs of HMOs with the costs of indemnity insurers. The study
a. confirmed the cost-saving potential of HMOs. b. Found no cost-saving by HMOs. c. the HMO had per capita costs that were 28% lower than the indemnity d. both a and c
If the firms in a market reach an agreement about pricing and output shares, we would call this
A. a cartel. B. a dominant strategy. C. a Nash equilibrium. D. a duopoly.
Which of the following would cause the dollar to appreciate?
A) an increase in the demand for dollars B) a decrease in the demand for dollars C) an increase in the supply of dollars D) an increase in the demand for imports from foreign countries
Recurring upswings and downswings in an economy's real GDP over time are called:
A. recessions. B. business cycles. C. output yo-yos. D. total product oscillations.