Question

The graph below summarizes the demand and costs for a firm that operates in a monopolistically competitive market. Instructions: Use the nearest whole numbers on the graph when calculating numerical responses below.

Answer 1

The summary of the demand and costs for a firm that operates in a monopolistically competitive market.

• 1) 7 units at MC=MR
• 2) $ 130 D value at 7 unit
• 3) $(130-110)*7= 140 Q*(D-ATC) D$  ATC values are at q=7

What is a competitive market.?

Generally, the equation In a competitive market, neither a single customer nor a single manufacturer can have a significant impact on the market. Its reaction to supply and demand changes as seen by the supply curve, which depicts the amount of a good

In conclusion,  the summary of the demand and costs for a firm that operates in a monopolistically competitive market.

1) 7 units at MC=MR

2) $ 130 D value at 7 unit

3) $(130-110)*7= 140 Q*(D-ATC) D$

ATC values are at q=7

Complete question

The graph of the question is attached below

Read more about the competitive market.

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