Because of the law of diminishing returns, BlankThe quantity that a perfectly competitive firm should produce can be determined at P=MC or where: Multiple choice question. total revenue exceeds total cost by the minimum amount total cost exceeds total revenue by the maximum amount total revenue exceeds total cost by the maximum amount variable costs exceed total revenue by the maximum amount______ cost eventually Blank______ as more units of output are produced. Multiple choice question. marginal; falls total; falls marginal; rises