5. Under perfect competition, economic profit is maximized when: A) the slope of the total revenue curve is equal to the slope of the total cost curve. B) marginal revenue is more than marginal cost. C) an additional unit of output yields a benefit to the firm greater than the additional cost. D) no more output can be sold at the market price.7. In the long run, a perfectly competitive firm consistently incurring losses will A) produce less in order to minimize its losses. B) raise prices until it can cover its costs. C) try to sell more goods by cutting prices. D) exit the industry.21. Suppose that pasta is produced under conditions of perfect competition and that the constant-cost industry is initially in long-run equilibrium. Now suppose there is an decrease in the price of wheat. which is a key ingredient in producing pasta. In the short run. we would expect to see: A] most firms in the industry earning positive economic prots. B] most rms in the industry earning zero economic prots. C] most rms in the industry earning negative economic prots. [J] not enough information is given to answer the question. 22. According to the NPR story on "who sets the price of oil," it's clear that the oil industry is not an example of perfect competition because A) the oil cartel can set oil prices in the market. B) different producers in the market experience different cost structures. C) oil producers make zero economic profits. D) there's a limited number of buyers in the oil market