Use the Following Graph to Answer the Next Questions

question 38

Multiple Choice

Use the following graph to answer the next questions:

-If this is a trading open) economy, quantity supplied of cars in thousands) by the domestic producers will be

• A) 20.
• B) 40.
• C) 60.
• D)80.
• E)100.

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Definitions:

Total Revenue

The total income generated by a firm from selling its goods or services, calculated as the price per unit times the number of units sold.

Output Units

Refers to the quantity of goods or services produced within a given time frame.

Average Total Cost

The per-unit production cost, calculated by dividing the overall production cost by the number of units produced.

Profit

The financial gain achieved when the revenue from a business activity exceeds the expenses, costs, and taxes involved in sustaining the activity.