1. For a perfectly competitive market, at the profit maximizing level of output

a.P = MR = MC

b.P > MR > MC

c.P < MR < MC

d.P > 0 and MR= 0

e.Input can be put to so many different uses.

2. Which of the following is the set of conditions necessary for long-run equilibrium for a perfectly competitive firm?

a.P = MR = MC and P < LAC

b.MR = P > MC and P = LAC

c.P = MR = MCand P> LAC

d.P = MR = MC and P = LAC

3. Draw the short-run equilibrium for aperfectly competitivefirm that ismaking a loss and is below the shut down point.Clearly label all the curves.

I need some help answering and understands this material so your help with a full and clear answer to these questions will be appreciate it. Regards.