The Figure Given Below Shows the Cost and Revenue Curves

question 72

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
-As new firms enter a monopolistically competitive industry, the demand for a typical firm's product will most likely:

• A)increase and become less elastic.
• B)decrease and become more elastic.
• C)increase and become more elastic.
• D)decrease and become less elastic.
• E)remain unaffected.

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