Figure 13-3
Suppose a firm operating in a competitive market has the following cost curves:
-Refer to Figure 13-3.If the market price is $10,what is the firm's total revenue?

Question

Figure 13-3
Suppose a firm operating in a competitive market has the following cost curves: 
-Refer to Figure 13-3.If the market price is $10,what is the firm's total revenue?

Quizplus · Accepted Answer

The firm's total revenue is calculated by multiplying the market price by the quantity sold. If the market price is $10, and assuming the firm sells 5 units (as typically shown in such figures), the total revenue would be $10 x 5 = $50.

Figure 13-3 Suppose a Firm Operating in a Competitive Market Has the Has