What is the relationship among the following variables for a perfectly competitive firm: the market price, average revenue and marginal revenue?
A) As a firm lowers the market price to sell more output, marginal revenue and average revenue will be less than the market price.
B) Average revenue is equal to marginal revenue; average revenue is greater than the market price.
C) The market price is equal to both average revenue and marginal revenue.
D) Average revenue is equal to the market price; average revenue is greater than marginal revenue.
Question 2
If economies of scale are relatively important in an industry, the typical firm's
A) long-run average cost curve will reach a minimum at a level of output that leaves room for a large number of firms to enter the industry.
B) long-run average cost curve will begin rising before it reaches minimum efficient scale.
C) long-run average cost curve will reach a minimum at a level of output that is a relatively large fraction of total industry sales.
D) marginal cost curve will decline continuously until it reaches minimum efficient scale.
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