{"id":59743,"date":"2024-04-16T01:42:38","date_gmt":"2024-04-16T01:42:38","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=59743"},"modified":"2024-04-16T01:42:38","modified_gmt":"2024-04-16T01:42:38","slug":"consider-the-following-1-output-a%c2%97-price-total-revenue-2-mr-cannot-be-zero-3-tr-mr-a%c2%97-q-select-the-correct-answer","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/consider-the-following-1-output-a%c2%97-price-total-revenue-2-mr-cannot-be-zero-3-tr-mr-a%c2%97-q-select-the-correct-answer\/","title":{"rendered":"Consider the following. 1. Output \u00c3\u0097 Price = Total Revenue 2. MR cannot be zero 3. TR = MR \u00c3\u0097 Q Select the correct answer"},"content":{"rendered":"<p>[amp_mcq option1=&#8221;Only 1&#8243; option2=&#8221;Both 1 and 2&#8243; option3=&#8221;Only 3&#8243; option4=&#8221;All of the above&#8221; correct=&#8221;option4&#8243;]<!--more--><\/p>\n<p>The correct answer is D. All of the above.<\/p>\n<ul>\n<li>Output \u00c3\u0097 Price = Total Revenue (TR) is a fundamental relationship in economics. It states that the total amount of revenue a firm earns is equal to the number of units it sells multiplied by the price it charges per unit.<\/li>\n<li>MR cannot be zero. This is because marginal revenue (MR) is the additional revenue a firm earns from selling one more unit of output. If MR were zero, then the firm would not earn any additional revenue from selling one more unit, and it would not make sense for the firm to produce any more output.<\/li>\n<li>TR = MR \u00c3\u0097 Q. This equation simply states that total revenue (TR) is equal to marginal revenue (MR) multiplied by quantity (Q). This equation is true because TR is equal to the number of units sold multiplied by the price per unit, and MR is equal to the additional revenue earned from selling one more unit.<\/li>\n<\/ul>\n<p>Therefore, all of the statements in the question are true.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[amp_mcq option1=&#8221;Only 1&#8243; option2=&#8221;Both 1 and 2&#8243; option3=&#8221;Only 3&#8243; option4=&#8221;All of the above&#8221; correct=&#8221;option4&#8243;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-59743","post","type-post","status-publish","format-standard","hentry","category-economics","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Consider the following. 1. Output \u00c3\u0097 Price = Total Revenue 2. MR cannot be zero 3. TR = MR \u00c3\u0097 Q Select the correct answer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/consider-the-following-1-output-a\u0097-price-total-revenue-2-mr-cannot-be-zero-3-tr-mr-a\u0097-q-select-the-correct-answer\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Consider the following. 1. Output \u00c3\u0097 Price = Total Revenue 2. MR cannot be zero 3. 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Output \u00c3\u0097 Price = Total Revenue 2. MR cannot be zero 3. TR = MR \u00c3\u0097 Q Select the correct answer","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/exam.pscnotes.com\/mcq\/consider-the-following-1-output-a\u0097-price-total-revenue-2-mr-cannot-be-zero-3-tr-mr-a\u0097-q-select-the-correct-answer\/","og_locale":"en_US","og_type":"article","og_title":"Consider the following. 1. Output \u00c3\u0097 Price = Total Revenue 2. MR cannot be zero 3. 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