The figure given below shows the revenue and cost curves of a monopolistically competitive firm. Figure: 11.3
In the figure,
D: Demand curve
MR: Marginal revenue curve
MC: Marginal cost curve
ATC: Average total cost curve
Refer to Figure 11.3.A perfectly competitive outcome would exist at a price of _____ and an output level of _____.
A) P6;Q2
B) P4;Q4
C) P3;Q2
D) P1;Q1
E) P5;Q3
Correct Answer:
Verified
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