If, in a perfectly competitive industry, the market price facing a firm is above its average total cost at the output where marginal revenue equals marginal cost, then
A) new firms are attracted to the industry. B) existing firms will exit the industry.
C) market supply will remain constant. D) firms are breaking even.
Question 2
Market power refers to
A) the ability of a firm to sell at a lower price than rival sellers.
B) the ability of a firm to advertise its product and succeed in selling more output.
C) the ability of a firm to charge a price higher than the marginal cost of production.
D) the ability of consumers to dictate what products should be produced.
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