The Following Figure Shows the Cost and Revenue Structures of a Firm

Multiple Choice

The following figure shows the cost and revenue structures of a firm. MC represents the marginal cost curve, AC represents the average cost curve, AR represents the average revenue curve, and MR represents the marginal revenue curve. P* is the equilibrium price and Q* is the equilibrium output.Figure 9.5

-Refer to Figure 9.5. Identify the market structure in which the firm operates.

A) Perfect competition
B) Monopolistic competition
C) Monopoly
D) Monopsony
E) Duopoly