Refer to the Accompanying Figure to Answer the Following Questions

question 62

Multiple Choice

Refer to the accompanying figure to answer the following questions.

-When this firm is producing at the profit-maximizing price and quantity,its total revenue is

• A) $1,000.
• B) $1,950.
• C) $2,500.
• D) $3,750.
• E) $5,000.

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Definitions:

Price

is the amount of money expected, required, or given in payment for something.

Change in Demand

A shift in the quantity of a product or service that consumers are willing and able to buy at various prices, due to factors like changes in consumer preferences, income, or the prices of related goods.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price level in a specific period.

Price

The pecuniary figure assumed, needed, or distributed as payoff for something.