The Figure Given Below Shows the Cost and Revenue Curves

question 75

Multiple Choice

The figure given below shows the cost and revenue curves of a monopolist.Figure 11.9
D: Average revenue
MR: Marginal revenue
ATC: Average total cost
MC: Marginal cost
-In the context of market structure, the characteristic that best describes a monopolistically competitive market is that:

• A)there are few firms in the market.
• B)the products produced cannot be easily differentiated.
• C)entry and exit are both difficult.
• D)firms spend a great deal on advertising and promotion.
• E)firms spend very little on advertising and promotion.