The Figure Given Below Shows the Revenue and Cost Curves

question 3

Multiple Choice

The figure given below shows the revenue and cost curves of a perfectly competitive firm. Figure 23.2 MC: Marginal cost curve
MR: Marginal revenue curve
ATC: Average-total-cost curve
AVC: Average-variable-cost curve
Refer to Figure 23.2.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.

---

Definitions:

Check Amount

The total sum of money written on a check that is payable to the recipient.

Book Balance

The balance in a company's accounting records for a particular account, which may differ from the actual cash balance until reconciled.

Purchasing Department

A division within a company responsible for acquiring goods and services needed for its operations.

Purchase Order

A document issued by a buyer to a seller, indicating the types, quantities, and agreed prices for products or services.