The Accompanying Graph Represents the Purely Competitive Market for a Product

question 10

Multiple Choice

The accompanying graph represents the purely competitive market for a product. When the market is at equilibrium, the total revenues from selling the equilibrium output level would be represented by the area

• A)a + b + c.
• B)b.
• C)b + c.
• D)b + c + d.

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Definitions:

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A-not-B Error

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The understanding that objects continue to exist even when they cannot be seen, heard, or touched.

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