The Figure Given Below Shows the Revenue and Cost Curves

question 114

Multiple Choice

The figure given below shows the revenue and cost curves of a monopolistically competitive firm.Figure 12.4
MR: Marginal revenue curve
ATC: Average total cost curve
MC: Marginal cost curve
-Compared with generic products, a brand name:

• A)reduces the price elasticity of demand and gives a firm more market power.
• B)increases the price elasticity of demand and gives a firm more market power.
• C)increases the price elasticity of demand and gives a firm less market power.
• D)reduces the price elasticity of demand and gives a firm less market power.
• E)has no effect on price elasticity of demand or market power.

Understand the legal implications of contracts involving parties with limited capacity, such as minors or those declared incompetent.

Identify the scope of the UCC's relevance, including its modern applicability and amendments.

Distinguish between express, implied in fact, and quasi contracts based on how agreement is manifested.

Know the requirements for a binding contract, including mutual assent, consideration, legality of object, and contractual capacity.