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Use the Following to Answer Question(s)

Question 54

Multiple Choice

Use the following to answer question(s) :
Exhibit: Profit Maximizing
Use the following to answer question(s) : Exhibit: Profit Maximizing -(Exhibit: Profit Maximizing) The exhibit shows cost curves for a firm operating in a perfectly competitive market. If market price is P<sub>4</sub>, then average revenue is: A) the same as TR. B) the area 0P<sub>4</sub>Aq<sub>4</sub> divided by q<sub>4</sub>. C) the same as total cost. D) P<sub>4</sub>.
-(Exhibit: Profit Maximizing) The exhibit shows cost curves for a firm operating in a perfectly competitive market. If market price is P4, then average revenue is:


A) the same as TR.
B) the area 0P4Aq4 divided by q4.
C) the same as total cost.
D) P4.

Correct Answer:

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