Under which of the following market structures would consumers likely pay the highest price for a product?

A business incurs the following costs per unit: Labor $125/unit; Materials $45/unit and rent $250,000/month. If the firm produces 1,000,000 units a month, the total costs equal

a. $125,250,000 b. $170,250,000 c. $125,050,000 d. $170,050,000

The optimal extraction level in the present for a nonrenewable resource is:

A. zero. B. where the market price of the resource equals the extraction cost of the last unit. C. where the market price of the resource equals the extraction cost of the last unit plus the user cost of the last unit. D. where the extraction cost of the last unit equals the user cost of the last unit.