If two perfectly competitive firms produce the same quantity at ...

[bobbysung]

If two perfectly competitive firms produce the same quantity at the market price, then, at that quantity, they must have the same
 a. marginal cost and average total cost
  b. marginal cost and average fixed cost
  c. average total cost and average fixed cost
  d. average fixed cost and average variable cost
  e. marginal cost

Question 2

One of the ways that a perfectly competitive firm and a nondiscriminating monopolist are different is that
 a. the marginal cost curve is U-shaped for a perfectly competitive firm but not for a monopolist
  b. P = AR for a perfectly competitive firm but not for a monopolist
  c. P = MR for a perfectly competitive firm but not for a monopolist
  d. the average revenue curve and demand curve are the same for a perfectly competitive firm but not for a monopolist
  e. only the monopolist seeks to maximize profits

[verrinzo]

Answer to Question 1

E

Answer to Question 2

C

[bobbysung]

YES! Correct, THANKS for helping me on my review

[kusterl]

Thanks for the timely response, appreciate it