Use the Following to Answer Question(s)

question 54

Multiple Choice

Use the following to answer question(s) :
Exhibit: Profit Maximizing

-(Exhibit: Profit Maximizing) The exhibit shows cost curves for a firm operating in a perfectly competitive market. If market price is P₄, then average revenue is:

• A) the same as TR.
• B) the area 0P₄Aq₄ divided by q₄.
• C) the same as total cost.
• D) P₄.