Revenue Schedules And Curves - SS2 Economics Past Questions and Answers - page 1
What does the total revenue curve show?
How a firm's total cost changes as it changes the quantity of output it produces
How a firm's total revenue changes as it changes the quantity of output it produces
How a firm's average revenue changes as it changes the quantity of output it produces
None of the above
(It shows how a firm's total revenue changes as it changes the quantity of output it produces)
What does the average revenue curve show?
How a firm's total revenue changes as it changes the quantity of output it produces
How a firm's average revenue changes as it changes the quantity of output it produces
How a firm's marginal revenue changes as it changes the quantity of output it produces
None of the above
(It shows how a firm's average revenue changes as it changes the quantity of output it produces)
What does the marginal revenue curve show?
How a firm's total revenue changes as it changes the quantity of output it produces
How a firm's average revenue changes as it changes the quantity of output it produces
How a firm's marginal revenue changes as it changes the quantity of output it produces
None of the above
(It shows how a firm's marginal revenue changes as it changes the quantity of output it produces)
What is the slope of the total revenue curve?
Upward-sloping initially, then flat
Downward-sloping initially, then flat
Downward-sloping throughout
Upward-sloping throughout
What is the average revenue curve?
The average revenue curve shows how a firm's average revenue changes as it changes the quantity of output it produces. The AR curve is always equal to the price of the goods being sold.
What is the marginal revenue curve?
The marginal revenue curve shows how a firm's marginal revenue changes as it changes the quantity of output it produces. The MR curve slopes downward as output increases.