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:

Conscientious

Characterized by diligent and careful work or actions.

Transcendence Needs

The highest level in Maslow's hierarchy of needs, representing the desire for personal growth, self-fulfillment, and realizing one's potential.

Exploiting

Taking advantage of a situation or person typically in an unfair or unethical way to gain benefits.

WIIFM

"What's In It For Me?" - A question or mindset focusing on the personal benefits or rewards that can be gained from a situation or action.