Use the Figure Above to Answer the Corresponding Questions

question 1

Short Answer

Use the figure above to answer the corresponding questions.
The structure labeled 3 is the ____________________, and it connects to the ____________________ and ____________________.

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Definitions:

Average Revenue

The amount of revenue generated per unit of a product sold, calculated by dividing total revenue by the number of units sold.

Total Revenue Curve

A graphical representation showing how total income from sales changes at different levels of output in a company's operations.

Pure Monopolist's Demand Curve

Illustrates the relationship between price and quantity demanded for a monopolist, who is the sole provider of a product or service, typically showing a downward slope.

Elasticity Coefficient

A measure that quantifies how responsive the quantity demanded or supplied is to changes in price or other economic factors.