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

The total revenue for a profit-maximizing monopolistic competitor is calculated as price times quantity. In the exhibit, this is represented by the area 0P₁AQ₂, where 0 is the origin, P₁ is the price, A is the point on the demand curve, and Q₂ is the quantity.

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