Figure 5-3

-Refer to Figure 5-3. At a price of $60 per unit, sellers' total revenue equals
A)$1,000.
B)$1,200.
C)$1,400.
D)$1,160.

Question

Figure 5-3
  ​
-Refer to Figure 5-3. At a price of $60 per unit, sellers' total revenue equals
A)$1,000. 
B)$1,200. 
C)$1,400. 
D)$1,160.

Quizplus · Accepted Answer

Total revenue is calculated by multiplying the price per unit by the quantity sold. If the price is $60 per unit, and assuming the quantity sold is 20 units (as typically depicted in such figures), the total revenue would be $60 * 20 = $1,200.

Figure 5-3 ​

Figure 5-3