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

-Identify the characteristics of a monopoly firm.

A) The existence of barriers to entry and production of a homogeneous product
B) The production of a unique product and a large number of sellers in the market
C) The production of a standardized product and the firm is a price taker
D) The existence of barriers to entry and the firm is a price taker
E) The existence of barriers to entry and the firm is a price maker