The figure given below shows the revenue and cost curves of a monopolistically competitive firm. Figure: 11.3 
In the figure,
D: Demand curve
MR: Marginal revenue curve
MC: Marginal cost curve
ATC: Average total cost curve
-The monopolistically competitive firm in Figure 11.3 will maximize profits (or minimize losses) by producing _____ and charging _____.
Definitions:
Contractual Forms
denotes the various arrangements and agreements under which businesses and individuals engage in transactions, outlining the terms and conditions of their exchanges.
Average Variable Cost
The total variable cost divided by the quantity of output produced, representing the variable cost per unit of output.
Average Fixed Cost
The fixed costs of production divided by the quantity of output produced, which decreases as production increases.
Long Run
The long run is a period in which all inputs and production technologies can be varied, with no fixed factors of production.
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