Exhibit 24-3 Refer to Exhibit 24-3. Total revenue of this profit maximizing monopolistic competitor is represented by the area A)0P₁AQ₂. B)0P₅EQ₂. C)P₃P₁AC. D)0P₄DQ₃.

Question

Quizplus · Accepted Answer

Total revenue is represented by the area of the rectangle formed by price (P), quantity (Q), and marginal revenue (MR). In this diagram, the total revenue is the area 0P₁AQ₂.

Exhibit 24-3 Refer to Exhibit 24-3. Total Revenue of This Profit Maximizing