The figure below depicts the marginal revenue and costs of a perfectly competitive firm. When the firm produces 170 units ……… ?
Select ONE answer:
- total revenue equals total cost.
- total revenue is less than total cost.
- marginal revenue equals marginal cost.
- marginal cost is less than marginal revenue.
Show your workings to arrive at your answer, and explain and justify your reasons:……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
This multiple choice question is suitable for Economics KS5 classes.
The answer is 3
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