Use the demand schedule below to determine total revenue and marginal revenue for each possible level of sales:
a. What can you conclude about the structure of the industry in which this firm is operating? Explain.
b. Graph the demand, total-revenue, and marginal-revenue curves for this firm.
c. Why do the demand and marginal-revenue curves coincide?
d. "Marginal revenue is the change in total revenue associated with additional units of output." Fxplain verbally and graphically, using the data in the table.
$$\begin{array}{cccc}
\begin{array}{c}
\text { Product } \\
\text { Price }
\end{array} & \begin{array}{c}
\text { Quantity } \\
\text { Demanded }
\end{array} & \begin{array}{c}
\text { Total } \\
\text { Revenue }
\end{array} & \begin{array}{c}
\text { Marginal } \\
\text { Revenue }
\end{array} \\
\hline \$ 2 & 0 & \$ \\
2 & 1 & \\
2 & 2 & \\
2 & 3 & \\
2 & 4 & \\
2 & 5 & \\
\hline
\end{array}$$