The Table Given Below Shows the Total Revenue and Total

question 66

Multiple Choice

The table given below shows the total revenue and total cost of a firm at different levels of output. Table 23.2
Consider the perfectly competitive firm described in Table 23.2.How much profit will the firm make if it is a profit maximizer?

• A)$20
• B)$45
• C)$46
• D)$80
• E)$50

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Definitions:

Product Differentiation

The process of distinguishing a product or service from others in the market to make it more attractive to a particular target market.

Multiple Products

The strategic offering of a variety of products by a business to meet diverse customer needs, expand market reach, and reduce risk.

Tailored Sourcing

A procurement strategy that involves customizing the sourcing approach to fit specific product requirements, supplier capabilities, or market conditions.

Postponement

Postponement is a supply chain strategy that involves delaying the final assembly or customization of a product until the latest possible time to reduce inventory costs and respond to customer demand more precisely.