GE Has Fixed Costs of $13B and Variable Costs for the Year

question 304

Multiple Choice

GE has fixed costs of $13B and variable costs for the year of $8B.Their total costs are:

• A)$21B
• B)$13B
• C)$5B
• D)there is not enough information to calculate

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Definitions:

Monopolist

A market player that is the sole provider of a particular good or service, possessing significant market power to influence prices and output levels.

Diamonds

A precious gemstone made of carbon, often used in jewelry for its brilliance and durability.

Sole Supplier

A market situation in which only one company provides a particular product or service, potentially leading to monopoly power and less competitive prices.

Monopoly

A reiteration for a market structure with a single seller dominating the whole supply of a particular product or service, without close substitutes.