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JAMB Economics 2013 Question 25

Question 25

Market Structures

Use the graph below to answer the question.
The total revenue of the firm is represented by

Diagram for this question
  1. A.GHEF.
  2. B.GHJC.
  3. C.EFJC.
  4. D.GHOB.
Show the answer and explanation

Answer: D (GHOB.)

Explanation

Total revenue = price × quantity. The price is read at G on the demand curve and the output is OB, so TR is the rectangle GHOB.