The Following Figure Shows the Cost and Revenue Structures of a Firm.MC

question 80

Multiple Choice

The following figure shows the cost and revenue structures of a firm.MC represents the marginal cost curve, AC represents the average cost curve, AR represents the average revenue curve, and MR represents the marginal revenue curve.P* is the equilibrium price and Q* is the equilibrium output. Figure 22.5 Refer to Figure 22.5.Identify the market structure in which the firm operates:

• A)Perfect competition
• B)Monopolistic competition
• C)Monopoly
• D)Oligopoly
• E)Duopoly

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