okmarks Window Help webcourses.ucf.edu Quiz: EC02023 Quiz 6 ECO2023 Scrogin Exam

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okmarks Window Help webcourses.ucf.edu Quiz: EC02023 Quiz 6 ECO2023 Scrogin Exam 3 Spring2 Question 10 2 pts The total revenue function for a perfectly competitive firm: i. increases initially, reaches a maximum, and then decreases as the quantity of output that it sells increases i. increases by a constant amount as the quantity of output that it sells increases ii appears graphically as an upward sloping straight line from the origin with a slope that is equal to the market price oi the good O i and ii O i and ii Question 11 2 pts If a firm is producing a level of output such that ATC P, it may be

Explanation / Answer

Q.10

iii

The firm in a perfectly competitive market is a price taker, the price is constant. It does not change. The TR curve is actually a straight line with a constant slope equal to the market price of the good.

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