Scenario 15-2
A monopoly firm maximizes its profit by producing Q = 500 units of output.At that level of output,its marginal revenue is $30,its average revenue is $60,and its average total cost is $34.
-Refer to Scenario 15-2.At Q = 500,the firm's total revenue is
A) $13,000.
B) $15,000.
C) $17,000.
D) $30,000.

Question

Quizplus · Accepted Answer

Total revenue is calculated as average revenue multiplied by quantity, so $60 * 500 = $30,000.

Scenario 15-2 A Monopoly Firm Maximizes Its Profit by Producing Q =