-The above table depicts prices, quantities, and marginal costs faced by the campus bookstore. At the profit-maximizing level of output, what is the total revenue earned by the store?

Question

Quizplus · Accepted Answer

To maximize profits, a firm produces up to the point where marginal cost equals marginal revenue (price, in this case, since it's a perfectly competitive market). Without the table, we can't identify the exact quantities and prices, but the correct answer is derived from understanding that profit maximization occurs where MR=MC, and total revenue is calculated as price times quantity at that point.

-The Above Table Depicts Prices, Quantities, and Marginal Costs Faced