16 consumers benefit from monopolistic competition by

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16) Consumers benefit from monopolistic competition by A) paying the same price as everyone else. B) being able to purchase high-quality products at low prices. C) paying the lowest possible price for the product. D) being able to choose from products more closely suited to their tastes.
Figure 13-4 Figure 13-4 shows short-run cost and demand curves for a monopolistically competitive firm in the market for designer watches. 17) Refer to Figure 13-4. If the firm represented in the diagram is currently producing and selling Qa units, what is the price charged?
18) Refer to Figure 13-4.What is the area that represents the total revenue made by the firm?
19) Refer to Figure 13-4.What is the area that represents the total variable cost of production? 20) Refer to Figure 13-4.What is the area that represents the total fixed cost of production?
A) 0P1aQa B) P1bdP3 C) P0adP3 D) That information cannot be determined from the graph.
21) Refer to Figure 13-4.What is the area that represents the loss made by the firm?
22) Refer to Figure 13-4. Should the firm represented in the diagram continue to stay in business despite its losses?
23) Refer to Figure 13-11. What is the monopolistic competitor's profit maximizing output?
24) Refer to Figure 13-11. What is the monopolistic competitor's profit maximizing price? A) P1 B) P2 C) P3 D) P4
25) Refer to Figure 13-11. The firm represented in the diagram

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