1.In a perfectly competitiveindustry, the demand curve for a single firm is ___________________ and the demand curve for the entire industry is ________________. The demand curve for a single firm is the same as it's _______________curve.In order to maximize profit, a firm produces the quantity where marginal revenue equals ________________.If a firm produces no output, their loss is equalto________________.

choices: MC, downward sloping, TFC, TVC, MR, horizontal, upward sloping

2.If a perfectly competitive firm is earning a profit, then the price is above its _____________. In this situation, there is an incentive for other firms to ________this industryinthe long run.In the long run, only ________profit exists.

choices: normal, enter, exit, ATC

3.A monopolist faces a ________________demand curve, whereas a perfectly competitive firm faces a _______________demand curve.To maximize profit, a monopolist produces the level of output where ______________equals _____________, whereas a perfectly competitive firm produces the level of outputwheremarginal costequals__________.

choices: horizontal, downward sloping, ATC, MC, MR, cost, price