The Figure Given Below Shows the Revenue and Cost Curves

question 91

Multiple Choice

The figure given below shows the revenue and cost curves of a firm. MC represents the marginal cost curve, AC the average cost curve, MR the marginal revenue curve, and AR the average revenue curve.Figure 9.4

-Which of the following is not true of monopolistic competition?

• A)There are a large number of buyers and sellers.
• B)The firms produce differentiated products.
• C)There exists free entry and exit of firms.
• D)Each of the firms faces a horizontal demand curve.
• E)Each of the firms acts as a mini monopoly in the market.

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Definitions:

Parking and Access

Refers to the design and management of parking spaces and the ease with which people can access and leave these areas.

Traffic Counts

The process of measuring the number and types of vehicles or pedestrians passing a certain point within a specific time frame.

Purchasing Power Analysis

A technique used to determine the amount of goods or services that can be purchased with a unit of currency.

Retail or Professional Service

Refers to businesses that sell goods directly to consumers or provide specialized professional services, respectively.