Kindly assist me . Thank you. Only answers are ok. no explanation necessary

Question 1

In a perfectly competitive market, the price of the good equals its marginal cost because

a) that is the price that the Government will allow producers to sell at

B) Price is less than marginal revenue

C) that is the price that allows firms to maximize profits

d price is greater than marginal revenue

Clear my choice

Question 2

The requirement for profit maximization under perfect competition is

A) Marginal Revenue should be greater than marginal cost

B) Average revenue should be equal to price.

C) Marginal revenue should be less than marginal cost

D) Marginal revenue should be equal to marginal cost

Question 3

In the long run, a perfectly competitive firm will always have

A) Positive above normal profits

B) negative above normal profits

C) zero above normal profits

D) Either a profit or a loss

Clear my choice

Question 4

If marginal revenue is greater than marginal cost, increasing output will

A) have no impact on profits

B) All of the above

C) reduce profits

D) Increase profits

Question 5

A monopolist's marginal revenue curve is always

A) above its demand curve

B) below its demand curve

C) the same as its demand curve

D) upward sloping

Question 6

The models of perfect competition and monopoly

A) are useful for establishing benchmarks to evaluate real world situations

B) provide few insights into the real world

C) all of the above

D) describe most real world markets

Question 7

The behaviour of decision makers in perfectly competitive and monopoly firms in similar in the following respect?

A) All of the above

B) In both cases, profits are maximized by setting price equal to marginal cost

C) In both cases, profits are maximized by setting marginal cost equal to marginal revenue

D) In both cases, profits are maximized by setting price equal to average cost