The Figure Given Below Shows the Revenue and Cost Curves

Multiple Choice

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