If the market price in a perfectly competitive market is less ...

[jCorn1234]

If the market price in a perfectly competitive market is less than a firm's minimum average variable cost, then the firm's total revenue will always ________.
 
  A) exceed its total fixed cost
  B) be less than its total economic loss
  C) equal its total cost
  D) be less than its total variable cost

Question 2

The figure above shows a monopoly firm's demand curve. If the price and quantity of haircuts move from point t to point r, the monopoly's
 
  A) total revenue will rise.
  B) total revenue will fall.
  C) total revenue will remain the same.
  D) marginal revenue will decrease.

[dantucker]

Answer to Question 1

D

Answer to Question 2

B

[jCorn1234]

TYSM

[komodo7]

Excellent