-In the above figure, at the profit-maximizing rate of production for the perfectly competitive firm total revenue is

Question

Quizplus · Accepted Answer

Total revenue is calculated by multiplying the price per unit by the quantity sold. In a perfectly competitive market, the price is determined by the market and is equal to the marginal revenue (MR), which is the additional revenue from selling one more unit. The profit-maximizing rate of production is where marginal cost (MC) equals marginal revenue (MR). Without a specific figure provided, we assume the intersection point of MC and MR indicates a quantity where, when multiplied by the price (P=MR in perfect competition), results in a total revenue of $100, based on the given options.

-In the Above Figure, at the Profit-Maximizing Rate of Production