The figure given below shows the revenue and cost curves of a monopolistically competitive firm. Figure: 11.3 
In the figure,
D: Demand curve
MR: Marginal revenue curve
MC: Marginal cost curve
ATC: Average total cost curve
Refer to Figure 11.3.A perfectly competitive outcome would exist at a price of _____ and an output level of _____.
Definitions:
FASB
The Financial Accounting Standards Board, an independent organization responsible for establishing accounting and financial reporting standards in the United States.
Accounting Standards
Formal conventions, rules, and guidelines that govern how financial statements are prepared and presented to ensure uniformity and comparability.
Accumulated Profits
The retained earnings of a company, representing the net income that has not been distributed to shareholders as dividends and is reinvested in the business.
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