The Figure Given Below Shows the Revenue and Cost Curves

question 1

Multiple Choice

The figure given below shows the revenue and cost curves of a perfectly competitive firm.Figure 10.1

-Suppose a perfectly competitive firm's total revenue is equal to $210 and its output is 70 units, when its marginal-cost curve intersects the marginal-revenue curve. What is the marginal revenue earned by the firm?

• A)$15
• B)$3
• C)$30
• D)$7
• E)$70

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Definitions:

Expectation

A belief or anticipation about the way events, behaviors, or processes should unfold.

Opportunity Presented

A situation or condition that makes it possible to do something that one wants to do or has to do.

Admit

To confess or acknowledge something, often reluctantly.

Sense of Self-efficacy

The belief in one's own ability to succeed in specific situations or accomplish a task.