Consider a firm that is producing at a level of output where MR < MC. Explain why this firm is not maximizing its profit.

Suppose at the profit-maximizing level of output, a firm has TR < TVC. What should this firm do, and why?

Suppose a market is perfectly competitive, and I give you the equations for supply and demand. How do you determine the marginal revenue curve for a particular firm in that market? Explain why the curve looks that way.

What does the marginal revenue curve look like for a monopolist? Explain why the curve looks that way.