Exhibit 24-1

-Refer to Exhibit 24-1.If the product is produced under single-price monopoly,what does total revenue equal at the profit maximizing level of output?

Question

Exhibit 24-1
 
-Refer to Exhibit 24-1.If the product is produced under single-price monopoly,what does total revenue equal at the profit maximizing level of output?

Quizplus · Accepted Answer

In a single-price monopoly, total revenue at the profit-maximizing level of output is calculated as price times quantity. This corresponds to the area 0P₂CQ₁, which represents the total revenue rectangle from the origin to the price and quantity at the profit-maximizing point.

Exhibit 24-1 -Refer to Exhibit 24-1.If the Product Is Produced Under Single-Price