a. The market price is determined by multiple choice 1 marginal revenue and average total cost. marginal revenue and marginal cost. market demand and market supply. b. To determine the firm's profit-maximizing output, the firm will set its marginal revenue equal to multiple choice 2 average variable cost. average total cost. market price. marginal cost. c. A firm is making an economic profit if, at the profit-maximizing output, the market price is multiple choice 3 greater than average total cost. greater than average variable cost. less than average total cost. less than average variable cost. d. If firms are earning economic profits, the market price will multiple choice 4 fall as some existing firms exit the market. fall as new firms enter the market. increase as new firms enter the market. increase as some existing firms exit the market