The figure given below shows the revenue and cost curves of a monopolistically competitive firm. Figure 25.3 
In the figure,
D: Demand curve
MR: Marginal revenue curve
MC: Marginal cost curve
ATC: Average total cost curve
Refer to Figure 25.3.A perfectly competitive outcome would exist at a price of _____ and an output level of _____.
Definitions:
Unique History
The distinctive and singular past or background of an individual, organization, place, or object that sets it apart from others.
Entry Barriers
Obstacles that make it difficult for new competitors to enter a market.
Capital Requirements
The minimum amount of capital a bank or financial institution must hold as required by financial regulators.
Economies Of Scale
Financial advantages gained by businesses from their operational size, wherein the cost for each unit of production typically falls as the scale expands.
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