Use the Following to Answer Question(s): the Restaurant Model

question 232

Multiple Choice

Use the following to answer question(s) : The Restaurant Model

-(Exhibit: The Restaurant Market) The exhibit shows curves facing a typical restaurant in a community.Assume that the market is characterized by many firms, differentiated products, easy entry and easy exit.If the restaurant shown here were to raise its price above the profit-maximizing price, it would experience:

• A) a reduction in total revenue.
• B) an increase in total revenue.
• C) no change in total revenue.
• D) There is not enough information given to answer the question.

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