Refer to the Table Shown A) $110
B) $120

question 132

Multiple Choice

Refer to the table shown. If the output of bicycles is 4 per week, the marginal cost of producing another bicycle per week is: $$\begin{array} { | c | c | } \hline \begin{array} { c } \text { Output } \\\text { (bicycles per week) }\end{array} & \text { Total cast (dollars) } \\\hline 1 & 100 \\\hline 2 & 200 \\\hline 3 & 310 \\\hline 4 & 440 \\\hline 5 & 580 \\\hline 6 & 730 \\\hline 7 & 900 \\\hline 8 & 1,200 \\\hline\end{array}$$

• A) $110.
• B) $120.
• C) $130.
• D) $140.

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Definitions:

Elasticity Coefficient

A numeric value that measures the responsiveness of the quantity demanded or supplied of a product to changes in one of its determinants, such as price.

Oligopoly

A market structure characterized by a small number of large firms dominating the industry, often leading to limited competition.

Total Market

The complete demand for a product or service within an industry, encompassing all consumers and market segments.

Imperfect Competition

A market structure characterized by the imperfect (less than perfect) competition among the participating players, leading to companies having some control over prices.