The Figure Given Below Shows the Cost and Revenue Curves

question 37

Multiple Choice

The figure given below shows the cost and revenue curves of a monopolist.Figure 11.9
D: Average revenue
MR: Marginal revenue
ATC: Average total cost
MC: Marginal cost
-If a monopolistically competitive industry is in long-run equilibrium and suddenly the cost of resources increases, then:

• A)the demand and average-revenue curves will shift to the right.
• B)the demand and average-revenue curves will shift to the left.
• C)some firms will eventually leave the industry.
• D)new firms will eventually enter the industry.
• E)the cost structure of the firm will shift down.

---

Definitions:

Their Problem Resolved

The successful resolution or alleviation of an individual's issue or conflict.

Beginner's Mind

An approach or attitude of openness, eagerness, and lack of preconceptions when studying a subject or engaging in an activity, much as a beginner would.

Make No Assumptions

A principle emphasizing the importance of approaching situations and interactions without preconceived beliefs or biases.

Unique Experiences

Experiences that are distinct and not common to most individuals, often contributing to personal growth or understanding.