A firm's total revenue curve is given by 3Q²- 7Q.The firm

Question

Quizplus · Accepted Answer

The given total revenue curve is a quadratic equation with a negative coefficient of the quadratic term (-7Q), indicating that the firm has diminishing marginal revenue. This is a characteristic of a monopolistic market structure or an oligopoly, but not of perfect competition. Additionally, the curve does not show a constant price for any given quantity, which is another characteristic of perfect competition. Therefore, the firm is not perfectly competitive.

A Firm's Total Revenue Curve Is Given by 3Q2- 7Q

A Firm's Total Revenue Curve Is Given by 3Q²- 7Q