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 12.4
MR: Marginal revenue curve
ATC: Average total cost curve
MC: Marginal cost curve
-Which of the following is a characteristic of an oligopoly market?

A) Each firm in an oligopoly market can take independent pricing and output decisions.
B) There are many firms in an oligopoly market hence a firm cannot influence the market price.
C) In an oligopoly market, each firm's pricing and output decisions depend on those of its rivals.
D) Firms in an oligopoly market always manufacture differentiated products.
E) Barriers to entry does not exist in an oligopoly market.