[3 Quiz 6 - EC-ZO'HODZT - Prin x E Course Section l Portland Cc X '7': Pearson MyLab and Mastering X "_' Course Home nit: 0:30:00 Time Left:0:29:51 Eva ONDONGO NGALA: Attempt 1 lVlatCH tne correct term Wltn me warm In tne Statement. " 1_ Firms are in _ when the following " -_ conditions occur: (1) many firms produce 7 identical products; (2) many buyers are 5 6 available to buy the product, and many ' sellers are available to sell the product; (3) sellers and buyers have all relevant avera e r f: information to make rational decisions V g p o I about the product that they are buying . and selling; and (4) firms can enter and marginal cost leave the market Without any restrictions. 2, A perfectly competitive firm is known as a price taker _, marginal revenue 3, The _ curve shows the additional revenue gained from selling one more unit. perfect competition 4_ The profit-maximizing choice for a perfectly competitive firm will occur at the level of output where marginal revenue is equal to _. 5. The profit margin is the . a Search or type URL /\\ 6