The Figure Given Below Shows the Revenue and Cost Curves

question 71

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
-Which of the following is a characteristic of an oligopoly market?

• A)Each firm in an oligopoly market can take independent pricing and output decisions.
• B)There are many firms in an oligopoly market hence a firm cannot influence the market price.
• C)In an oligopoly market, each firm's pricing and output decisions depend on those of its rivals.
• D)Firms in an oligopoly market always manufacture differentiated products.
• E)Barriers to entry does not exist in an oligopoly market.

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Definitions:

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