Figure 14-6 Suppose a Firm Operating in a Competitive Market Has the Has

question 279

Multiple Choice

Figure 14-6
Suppose a firm operating in a competitive market has the following cost curves:
-Refer to Figure 14-6. When market price is P3, a profit-maximizing firm's total revenue

• A)can be represented by the area P3 × Q3.
• B)can be represented by the area P3 × Q2.
• C)can be represented by the area (P3-P2) × Q3.
• D)is zero.

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