1
Question
Study the diagram below, and answer the following questions.
Which forms of the market does the above image represent? At what point does the producer attain equilibrium?
[1 mark]
Study the diagram below, and answer the following questions.
Which forms of the market does the above image represent? At what point does the producer attain equilibrium?
[1 mark]
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Solution
The correct option is B Monopoly; MC meets MR
Since MR is below AR, it is a monopoly market. Equilibrium is attained at the point where MR intersects MC from below.
Since MR is below AR, it is a monopoly market. Equilibrium is attained at the point where MR intersects MC from below.
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