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Average Revenue Curve is also known as _________.
- a)Profit Curve
- b)Demand Curve.
- c)Supply Curve
- d)Average Cost Curve
Correct answer is option 'B'. Can you explain this answer?
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Average Revenue Curve is also known as _________.a)Profit Curveb)Deman...
Average Revenue Curve as Demand Curve
Explanation:
- Average Revenue (AR) is the revenue earned per unit of output sold.
- The Average Revenue Curve shows the relationship between the price of a good and the quantity of the good sold.
- The Average Revenue Curve is always downward sloping.
- The reason for the downward slope of the Average Revenue Curve is that as the quantity sold increases, the price of the good decreases.
- The Average Revenue Curve is also known as the Demand Curve because it shows the quantity of a good that consumers are willing and able to purchase at different prices.
- The Demand Curve is the foundation of the theory of demand which explains how consumers interact with the market to determine the price and quantity of a good sold.
- The Demand Curve is an important concept in microeconomics because it helps firms and policymakers understand how changes in the market will affect the quantity of a good sold and the price of the good.
Explanation:
- Average Revenue (AR) is the revenue earned per unit of output sold.
- The Average Revenue Curve shows the relationship between the price of a good and the quantity of the good sold.
- The Average Revenue Curve is always downward sloping.
- The reason for the downward slope of the Average Revenue Curve is that as the quantity sold increases, the price of the good decreases.
- The Average Revenue Curve is also known as the Demand Curve because it shows the quantity of a good that consumers are willing and able to purchase at different prices.
- The Demand Curve is the foundation of the theory of demand which explains how consumers interact with the market to determine the price and quantity of a good sold.
- The Demand Curve is an important concept in microeconomics because it helps firms and policymakers understand how changes in the market will affect the quantity of a good sold and the price of the good.
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Average Revenue Curve is also known as _________.a)Profit Curveb)Demand Curve.c)Supply Curved)Average Cost CurveCorrect answer is option 'B'. Can you explain this answer?
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