The Figure Given Below Shows the Cost and Revenue Curves

question 79

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
-Why is a firm in a monopolistically competitive industry considered a "mini" monopoly?

• A)There are large number of sellers in the market.
• B)Each firm in monopolistic competition is a price taker.
• C)The product of each firm is unique in some way or the other.
• D)Each firm faces a perfectly elastic demand curve.
• E)There exists a large number of close substitutes of the products.

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Definitions:

Bank Reconciliations

The process of matching and balancing figures in accounting records with those presented in a bank statement to ensure they are in agreement and accurate.

Outstanding Checks

Checks that have been written and recorded in the accounting books but have not yet been cashed or cleared by the bank.

Non-Sufficient Funds

A situation where a bank account does not have enough money to cover a transaction, resulting in a failed payment.

Outstanding Checks

Checks that have been issued by a company but have not yet been cashed or cleared by the bank upon which they are drawn.