The Figure Given Below Shows the Revenue and Cost Curves

question 35

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
-Strategic behavior occurs when:

• A)there are a large number of firms selling identical products.
• B)there is only one firm in the market.
• C)the firms have no command over the prices of the good they produce.
• D)the firms can take any decision irrespective of what their rival does.
• E)what is best for a firm depends on what his rival does.

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Definitions:

Withdrawals

Money taken out from a bank account, or the act of taking out funds or assets from a business by the owner for personal use.

Assets

Resources owned or controlled by a business, expected to bring future economic benefits.

Debits

In accounting, entries that increase asset or expense accounts, or decrease liability, equity, or revenue accounts.

Assets

Assets are possessions or properties held by a company, anticipated to yield economic advantages in the future.