A competitive firm is choosing an output level to maximize its profits in the short run. Which of the following is not necessarily true? (Assume that marginal cost is not constant and is well defined at all levels of output.)

a.Marginal cost is at least as large as average variable cost.

b.Total revenues are at least as large as total costs.

c.Price is at least as large as average variable cost.

d.Price equals marginal cost.

e.The marginal cost curve is rising.