Use the Following Table to Answer the Question

question 59

Multiple Choice

Use the following table to answer the question. At an output level of 1, the marginal cost is $____.

• A) 35
• B) 85
• C) 60
• D) 50

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Definitions:

Pure Monopolist

A single seller in a market that has complete control over the supply of a product and where no close substitutes exist.

Reselling

The act of selling again or selling something that has already been sold or owned, often seen in markets for goods like tickets, merchandise, and real estate.

Average Total Costs

The average cost for each unit produced, found by dividing the full cost of production by the quantity of units produced.

Elastic Demand

A situation where the demand for a product or service significantly changes in response to price changes.