QUESTION 12 5 point A common example of monopolistic competition is the market f

Question

QUESTION 12 5 point A common example of monopolistic competition is the market for . A. automobiles B. gas stations C. oranges D. soft drinks QUESTION 13 5 point Figure: Monopolistic Competition II Price cost, marginal revenue ATC MC AVC MR Quantity Reference: Ref 16-03 Figure: Monopolistic Competition II) The monopolistic competitor in the figure is producing at the output level that maximizes profits (minimizes losses). The shaded rectangle depicts the level of: A. fixed cost. B. profit. C. loss D. variable cost.

Explanation / Answer

Q12. Answer is D. Soft drinks Q13. Answer is A. Fixed cost Explanation: The shaded portion depiicts the difference between ATC and AVC. The difference in ATC and AVC is AFC.

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