# 15 refer to the graph below total profit is 288 132

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15. Refer to the graph below. Total profit is:\$288\$132\$243\$144the firm produces at MC=P where:Q=36 unitsP=\$20ATC=\$16Profit=(P-ATC)*Q
16. Refer to the graph below. Total profit is:
17. Recall that in perfect competition a firm’s demand curve is a horizontal line drawnat the market price level and that P=MR. With this in mind, based on the figurebelow, total revenues are:
18. If the price that a firm charges is higher than its ________ cost of production forthat quantity produced, then the firm will earn profits.
19. What two lines on a cost curve diagram intersect at the zero-profit point?The average cost curve and the marginal revenue curve.The average cost curve and the variable revenue curve.The average variable cost curve and the variable revenue curve.
20. Recall that in perfect competition a firm’s demand curve is a horizontal line drawnat the market price level and that P=MR. With this in mind, based on the figurebelow, total costs are:
24.25.26.27.28.29.30.31.32.33.34.35.36.37.38.
39.40.41.42.43.44.45.46.47.48.49.50.
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