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:

Temporal Discounting

The bias towards valuing rewards received right away more than those in the future.

Learned Helplessness

A state where an individual experiences feelings of inability to control their circumstances, stemming from traumatic experiences or ongoing unsuccessful attempts.

Goal Shielding

Occurs when the activation of a focal goal the person is working on inhibits the accessibility of alternative goals.

Free Will

The power of acting without the constraint of necessity or fate; the ability to act at one's own discretion.