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
-Refer to Figure 11.3.A perfectly competitive outcome would exist at a price of _____ and an output level of _____.
Definitions:
Motorbike
A two-wheeled vehicle powered by an engine, similar to but often smaller and less powerful than a motorcycle.
Exchange Rate
The value of one currency for the purpose of conversion to another, dictating how much one currency is worth in terms of the other.
Random Variable
A quantity whose value is subject to variations due to chance, used in statistical calculations and probability theory.
Motorbike
A two-wheeled motor vehicle that is smaller and lighter than a car, often used for commuting and recreational driving.
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