Post Utme Crawford University 2022 Economics Question 16

Practice objective / multiple choice question 16 from the 2022 Post Utme Crawford University Economics examination.

Post Utme Crawford University 2022 Economics Objective / Multiple Choice
Question 16 POST_UTME_CRAWFORD_UNIVERSITY • 2022 • ECONOMICS • objective

Consider a perfectly competitive market with n firms, each producing a homogeneous product. If the market price is P = 10, and the inverse demand function is given by P = 100 - 2Q, where Q is the total quantity demanded, what is the total revenue (TR) of the market?

Answer Options

Correct Answer A. \( TR = 100Q - 2Q^2 \)
B. \( TR = 100Q + 2Q^2 \)
C. \( TR = 100Q - Q^2 \)
D. \( TR = 100Q + Q^2 \)
Correct Answer
A
Correct Option:
\( TR = 100Q - 2Q^2 \)

About This Question

This is Post Utme Crawford University 2022 Economics Question 16. It is one of the objective questions from the 2022 Post Utme Crawford University Economics examination.

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