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
-An oligopoly market consists of:

A) many firms which produce a standardized product.
B) at least five firms one of which dominates the market.
C) firms that make independent pricing and output decisions.
D) a group of firms that dominate the market.
E) firms which face perfectly elastic demand curves.