The Following Graph Shows the Marginal Revenue (MR), Marginal Cost

question 1

Multiple Choice

The following graph shows the marginal revenue (MR) , marginal cost (MC) , demand and average revenue (D = AR) curves for a profit-maximizing firm. Refer to the graph to answer the question. Which of the following statements is true?

• A) The demand curve above the market price is relatively inelastic.
• B) The demand curve below the market price is relatively elastic.
• C) The marginal revenue curve is a vertical line at the profit-maximizing level of output.
• D) Marginal cost is greater than marginal revenue at the profit-maximizing level of output.

Understand the relationship between income levels and the burden of different types of taxes.

Understand the different remedies available for breach of contract.

Identify the factors affecting the choice of remedy for a breach of contract.

Recognize the conditions under which a contract may be terminated.

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