At its present rate of output, Barrel O' Biscuits, a perfectly competitive firm, finds that its marginal cost exceeds its marginal revenue and price exceeds average variable cost. To maximize profit, the firm should
a. lower the price
b. raise the price
c. increase output
d. reduce output
e. maintain its current rate of output
Question 2
Which of the following is not true of a pure monopoly?
a. Demand is negatively sloped
b. Marginal revenue is less than price therefore the firm should consider raising its price until marginal revenue equals demand
c. Marginal revenue is less than average revenue therefore the firm should consider adjusting its quantity until marginal revenue equals average revenue
d. It is a price taker
e. Its position is protected by significant barriers to entry
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