The Figure Below Shows the Revenue and Cost Curves of a Monopolistically

question 8

Multiple Choice

The figure below shows the revenue and cost curves of a monopolistically competitive firm.Figure: 12.2
In the figure,
D: Demand curve
MR: Marginal revenue curve
ATC₁ and ATC₂: Average total cost curves
MC: Marginal cost curve
-In Figure 12.2, assume that the average total cost of the firm is represented by the curve ATC₂. In the long run, we would expect:

• A)entry of firms into the market because economic profits exist.
• B)exit of firms from the market because the existing firms suffer economic losses.
• C)each firm's demand curve to shift to the right.
• D)the market to become perfectly competitive.
• E)the market to become a monopoly.

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Definitions:

Craik And Lockhart's

Refers to the Levels of Processing theory of memory, proposing that memory retention depends on the depth of processing an item.

Extinction

In behavioral psychology, the gradual weakening and eventual disappearance of a conditioned response when the reinforcement is no longer offered.

Semantic Memory

A type of long-term memory involving the capacity to recall words, concepts, or numbers, which is necessary for the use and understanding of language.

Dictionary

A reference book or online resource containing words in alphabetical order, along with information about their meanings, pronunciations, and usage.