The Following Figures Show the Demand and Cost Curves of a Perfectly

question 18

Multiple Choice

The following figures show the demand and cost curves of a perfectly competitive and a monopoly firm respectively. Figure 10.7 D: Average Revenue
AC: Average cost
MC: Marginal cost
MR: Marginal cost
Refer to Figure 10.7.If the perfectly competitive industry and the monopoly produces the same quantity, then:

• A)there are 10 firms in the perfectly competitive industry.
• B)there are 800 firms in the perfectly competitive industry.
• C)there are 1, 000 firms in the perfectly competitive industry.
• D)there are 2, 000 firms in the perfectly competitive industry.
• E)there are 100 firms in the perfectly competitive industry.

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