Refer to the scenario above. What is the total cost involved if Maria chooses to travel by train?

In the above figure, the equilibrium level of labor is

A) 100 billion hours. B) 150 billion hours. C) 200 billion hours. D) none of the above

Market power refers to

A) the ability of a firm to sell at a lower price than rival sellers. B) the ability of a firm to advertise its product and succeed in selling more output. C) the ability of a firm to charge a price higher than the marginal cost of production. D) the ability of consumers to dictate what products should be produced.