The demand curve facing a competitive firm The following graph shows the dally m

Question

The demand curve facing a competitive firm The following graph shows the dally market for small cardboard boxes in Detroit. Suppose that Falero is one of more than a hundred competitive firms in Detroit that produce such cardboard boxes. Based on the previous graph showing the daily market demand and supply curves, the price Falero must take as given is Fill In the price and the total, marginal, and average revenue Falero earns when It produces 0, 1, 2, or 3 boxes each day. The demand curve that Falero faces is identical to which of its other curves? Check all that apply. Marginal revenue curve Supply curve Marginal cost curve Average revenue curve

Explanation / Answer

The price that Falero must take as given is $5 per small box.

The table is reconstructed below:

The demand curve of a competitive firm is similar to Marginal revenue curve and Average revenue curve.

Quantity Price Total Revenue Marginal Revenue Average Revenue 0 5 0 - - 1 5 5 5 5 2 5 10 5 5 3 5 15 5 5

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