a. Marginal revenue is the change in revenue that results from a one-unit increase in the

Group of answer choices

variable input price

fixed cost

variable input

output level

b. Which of the following statements has to be true in a perfectly competitive market?

Group of answer choices

A firm's average total cost is above price in the long run.

A firm's marginal revenue equals price.

A firm's average fixed cost rises in the short-run.

Large firms have lower costs than small firms.

c. Which of the following best describes a firm's demand curve in a perfectly competitive market?

Group of answer choices

vertical

upward sloping

horizontal

downward sloping

d. Which of the following is a characteristic of perfectly competitive markets?

Group of answer choices

restricted entry to new firms

slightly differentiated goods

market power

homogeneous goods