If a perfectly competitive firm charges the market price of 14 ...

[bcretired]

If a perfectly competitive firm charges the market price of 14 per unit,
 a. its marginal revenue is 14, and its average revenue is less than 14 per unit
  b. it will sell no output
  c. its average revenue is 14, and its marginal revenue is less than 14 per unit
  d. its average revenue is 14, and its marginal revenue is 14
  e. its average and marginal revenue are 14 only for the first unit sold

Question 2

For a monopolist,
 a. marginal revenue and price are constant as quantity increases
  b. marginal revenue falls but price is constant as quantity increases
  c. marginal revenue is constant but price falls as quantity increases
  d. both marginal revenue and price fall as quantity increases, but price falls faster
  e. both marginal revenue and price fall as quantity increases, but marginal revenue falls faster

[DylanD1323]

Answer to Question 1

D

Answer to Question 2

E

[bcretired]

Thanks for the timely response, appreciate it

[komodo7]

Excellent