1. The demand curve facing a price taker The following graph shows the daily market demand and supply curves. The equilibrium market price is $20 per large cardboard box. 40 36 Supply 32 28 Demand 2 3...

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Extracted text: 1. The demand curve facing a price taker The following graph shows the daily market demand and supply curves. The equilibrium market price is $20 per large cardboard box. 40 36 Supply 32 28 Demand 2 3 4 5 6 QUANTITY (Millions of large boxes) 1 7 8 10 Suppose Boxes R Us is one of over a hundred perfectly competitive firms that produce large cardboard boxes for moving. On the following graph, use the green line (triangle symbols) to plot the demand curve facing Boxes R Us for large cardboard boxes. Hint: Remember that perfectly competitive firms can sell all their output at the going price. 40 A 36 Demand 32 28 PRICE (Dollars per large box) (xog


Extracted text: Hint: Remember that perfectly competitive firms can sell all their output at the going price. 40 36 Demand 32 28 24 20 16 12 8. 4 1 3 4 5 6 8 10 QUANTITY (Thousands of large boxes) In the following table, fill in the total and marginal revenues that Boxes R Us earns for the first three boxes it sells each day. Total Output Price Total Revenue Marginal Revenue Average Revenue (Boxes) (Dollars per box) (Dollars) (Dollars per box) (Dollars per box) 20 1 20 20 3 20 The demand curve that Boxes R Us faces is identical to which of its other curves? Check all that apply. O Its average revenue curve O Its total revenue curve O Its marginal revenue curve O Its supply curve O Its marginal cost curve PRICE (Dollars per large box)