The Figure Given Below Shows the Revenue and Cost Curves

Multiple Choice

The figure given below shows the revenue and cost curves of a firm. MC represents the marginal cost curve, AC the average cost curve, MR the marginal revenue curve, and AR the average revenue curve.Figure 9.4

-An industry which has no barriers to entry, no product-promotion strategy, a standardized product, and a very large number of firms operating within it, is said to have:

A) a monopoly market structure.
B) perfect competition.
C) monopsonistic competition.
D) monopolistic competition.
E) an oligopoly market structure.