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Table 14-3 Use the information for a competitive firm in the table below to answer the following questions. Quantity Total Revenue Total Cost 0 $0

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Table 14-3 Use the information for a competitive firm in the table below to answer the following questions. Quantity Total Revenue Total Cost 0 $0 $10 9 14 18 19 W N 27 25 36 32 45 40 54 49 63 59 8 72 70 81 82 12. Refer to Table 14-3. At a production level of 4 units which of the following is true? a. Total revenue is greater than variable cost. b. Marginal revenue is less than marginal cost. c. The firm is maximizing profit. d. Marginal cost is $6

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