Use the Figure Below to Answer the Following Question

question 87

Multiple Choice

Use the figure below to answer the following question.

Figure 15.1.1
In the figure, D is the demand curve for taxi rides in a town, and ATC is the average total cost curve of a taxi company.
-Refer to Figure 15.1.1. In the scenario above, the market is

• A)a natural duopoly.
• B)a natural oligopoly with three firms.
• C)a natural monopoly.
• D)monopolistically competitive.
• E)perfectly competitive.

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Definitions:

Developmental Norm

A benchmark in child development that outlines typical milestones or behaviors at various ages.

Achieves

Accomplishes or succeeds in bringing about a desired result or reaching a target.

Deformities

Abnormalities in the form or shape of a part of the body, often resulting from genetic factors, trauma, or disease.

Mental Retardation

An outdated and offensive term formerly used to describe individuals with significantly below-average cognitive ability and limitations in daily functioning; now more appropriately referred to as intellectual disability.