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.

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