The Figure Given Below Shows the Revenue and Cost Curves

question 135

Multiple Choice

The figure given below shows the revenue and cost curves of a perfectly competitive firm.Figure 10.2
MC: Marginal cost curve
MR: Marginal revenue curve
ATC: Average-total-cost curve
AVC: Average-variable-cost curve
-Refer to Figure 10.2. If the marginal-revenue curve would have intersected the average-total-cost curve at its lowest point and the firm maximized profit, then total revenue would have been equal to:

• A)$500.
• B)$550.
• C)$600.
• D)$450.
• E)$400.

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Definitions:

Native Americans

The indigenous peoples of the United States, including various tribes, who were the original inhabitants of the land prior to European colonization.

Fur Trappers

Individuals or workers engaged in the trapping and trading of animal fur, often in the wilderness, a common occupation during the frontier days of North American exploration and settlement.

Slave Traders

Individuals or companies involved in the buying and selling of human beings for the purpose of forced labor, a practice prominent in historical global trade networks.

Silversmiths

Craftspeople specialized in working with silver to create items such as jewelry, utensils, and decorative objects, practicing a blend of artistic design and metalworking skills.