If the Market Price of a Product Is $14 and All

question 111

Multiple Choice

If the market price of a product is $14 and all sellers are price takers,then which of the following is correct?

• A) Each seller's total revenue line is graphed as an upward-sloping straight line.
• B) The demand curve for each seller's product is a downward-sloping straight line.
• C) Each seller can earn more total revenue by raising the price he or she charges above $14.
• D) The demand curve for each seller's product is a downward-sloping but not necessarily a straight line.
• E) Each seller's total revenue is graphed as an upside-down U-shaped curve.

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