The following figure shows the cost and revenue structures of a firm.MC represents the marginal cost curve, AC represents the average cost curve, AR represents the average revenue curve, and MR represents the marginal revenue curve.P* is the equilibrium price and Q* is the equilibrium output. Figure 8.5 
Refer to Figure 8.5.Identify the market structure in which the firm operates:
Definitions:
J.D. Power Cars
A market research company that conducts consumer surveys to provide reviews and ratings on cars and automotive companies.
Toyota Prius
A hybrid electric vehicle manufactured by Toyota, noted for its fuel efficiency and environmental friendliness.
Core Benefit
The fundamental value or primary advantage that a customer receives from a product or service.
Market Position
The place a brand or product occupies in the mind of the customer and in the market relative to competitors, based on criteria like quality, price, and function.
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