Refer to the Figure Below

question 93

Multiple Choice

Refer to the figure below. If this firm is a price taker, then when the price of each unit of output is $30, this firm's total revenue at its profit-maximizing level of output is ______.

• A)$3,000
• B)$2,400
• C)$1,800
• D)$900

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Definitions:

Endowment Effect

The psychological phenomenon where individuals value an owned object higher than its market value.

Natural Talent

Inborn abilities or aptitudes that an individual possesses, often manifesting as exceptional skills or competencies in specific areas.

Hard Work

A consistent effort or diligence in accomplishing a task or achieving a goal.

Recalled Memory

A memory that has been brought back to mind or consciously remembered.