Multiple Choice
If the market price of a product is $14 and all sellers are price takers, then which of the following is correct?
A) Each seller's total revenue line is graphed as an upward-sloping straight line.
B) Each seller's total revenue is graphed as an upside-down U-shaped curve.
C) Each seller can earn more total revenue by raising the price he or she charges to above $14.
D) The demand curve for each seller's product is a downward-sloping straight line.
E) The demand curve for each seller's product is a downward sloping but not necessarily straight line.
Correct Answer:
Verified
Correct Answer:
Verified
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