Exhibit 9-21 -In Exhibit 9-21, D = AR Represents the Market Demand

Exhibit 9-21
-In Exhibit 9-21, D = AR represents the market demand curve for bicycles, MR_m represents the marginal revenue curve for a monopolist producer of bicycles and S_c = MC = AC represents the marginal cost curve for a monopolist producer of bicycles and the market supply curve when the market is perfectly competitive. The output for a monopolist would be

A) 2 bicycles
B) 3 bicycles
C) 4 bicycles
D) 5 bicycles
E) 6 bicycles