(Figure: Monopolistic Competition) Based on the Graph, Under Monopolistic Competition

question 219

Multiple Choice

(Figure: Monopolistic Competition) Based on the graph, under monopolistic competition in the short run, total revenue is represented by rectangle

• A) feab.
• B) fhdb.
• C) ehda.
• D) fgcb.

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Definitions:

Equilibrium

A state in which market supply and demand balance each other, resulting in stable prices.

Incentive to Change

A factor or set of factors that motivates individuals or entities to alter their behavior or decision-making.

Equitable

Fair or impartial in treatment or judgment without bias or favoritism.

Efficient

When resources are used in a way that maximizes the production of goods and services without wasting any resources.