The Figure Given Below Shows the Cost and Revenue Curves

question 61

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
-The market structure called monopolistic competition is named using both monopoly and perfect competition. Why?

• A)There are few firms in the market all producing identical products.
• B)There is just one firm whose product can be easily differentiated.
• C)There are a huge number of firms selling identical products at the same price.
• D)There are many firms with easy entry and exit but each firm sells a unique product.
• E)Firms spend very little on advertising and promotion and thus are price takers.

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