The Figure Given Below Shows the Revenue and Cost Curves

question 104

Multiple Choice

The figure given below shows the revenue and cost curves of a monopolistically competitive firm.Figure: 12.3
In the figure,
D: Demand curve
MR: Marginal revenue curve
MC: Marginal cost curve
ATC: Average total cost curve
-Refer to Figure 12.3. A perfectly competitive outcome would exist at a price of _____ and an output level of _____.

• A)P₆; Q₂
• B)P₄; Q₄
• C)P₃; Q₂
• D)P₁; Q₁
• E)P₅; Q₃

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