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Sonja [21]
3 years ago
10

Suppose you value a special watch at $100. You purchase it for $75. On your way home from class one day, you lose the watch. The

store is still selling the same watch, but the price has risen to $85. Assume that losing the watch has not altered how you value it. What should you do?
A) Wait to see if the watch goes on sale. If the price drops to $25 or less, buy the watch.
B) Pay the $85 to buy the watch.
C) Wait to see if the watch goes on sale. If the price drops to $75 or less, buy the watch.
D) Do not buy the watch.
Business
1 answer:
Digiron [165]3 years ago
4 0

Answer: If losing the watch has not altered how we value the watch, then <u><em>we'll pay the $85 to buy the watch.</em></u>

We'll pay $85 to buy the watch. since the value of the watch has not been altered and we still value it as the same even after loosing it. Here we are at a surplus of $15 after buying it at a price of $85.

<u><em>Therefore, We should buy it. The correct option is (b)</em></u>

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Answer: It could limit how much the company charges customers.  

It could insist a company get approval before making certain decisions.

A natural monopoly refers to a situation when one firm can cater to the entire market demand for a product. A natural monopoly can exist in an industry in because of high start-up costs, certain unique raw materials or processes or technologies that are required to run a business. In a natural monopoly, there is only one firm that benefits from very large economies of scale.

A government intervenes or regulates a natural monopoly primarily in order to protect consumer interests.  

A natural monopoly has the power to raise the prices of its products as per its wish, since it is the only supplier of the product. Hence the government looks into the cost history of the firm and fixes regulation. The government can also set a price that a firm can exceed over a fixed period of time. This is known as a price cap regulation.  

It is assumed that the natural monopoly will function in an economically rational manner. However, the government can insist that the natural monopoly get its approval before making certain decisions. This may occur due to a decision to decrease the quantity of goods produced.

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