The following graph shows the demand and cost curves of an imperfectly competitive firm.MC and ATC represent the marginal cost curve and the average cost curve respectively. Figure 8.1
- Refer to Figure 8.1.At price P1 the firm sells quantity Q1,and total revenue is shown by:
A) the rectangle ABCD.
B) the rectangle ABEF.
C) the rectangle FECD.
D) the distance AB.
E) the distance BC.
Correct Answer:
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