1) Define MC. Why does MC eventually rise as TP rises? 2) What is the relationship between the LRATC and the SRAVC? Describe how (dis)economies of scale affect the shape of the LRATC? 3) Explain the TWO main differences between SR and LR? Diminishing MP is a reality in the SR, but not the LR. Why? 4) Why is MR=MC=P in a perfect competition? 5) For a firm in perfect competition market, why can't they influence market price? 6) Draw how the shape of a firm's LRATC determines the ideal firm size