Please help me with these questions

1. If a firm has no ability to select the price of its product, it:

a. Will go out of business due to losses.

b. Is a price-maker.

c. Cannot maximize profit.

d. Has a horizontal individual demand curve.

2. The demand for the product of a competitive price-taker firm is:

a. Perfectly inelastic.

b. Perfectly elastic.

c. Greater than zero but less than one.

d. Dependent on the availability of substitutes for the firm's product.

3. A firm operating in a perfectly competitive market is a price taker because:

a. No firm has a significant market share.

b. No firm's product is perceived as different.

c. Setting a price higher than the going price results in zero sales.

d. All of these.

4. If a competitive firm decreases output when MR > MC, then:

a. Profit will equal zero.

b. Profit will increase.

c. Profit will decrease.

d. Profit will remain the same.

e. The firm is minimizing losses.

5. If a firm decreases output when MR < MC, then:

a. Profit will equal zero.

b. Profit will increase.

c. Profit will decrease.

d. Profit will remain the same.

6. . If a business firm is not operating at the point where MR = MC, then:

a. It should shut down.

b. It will incur losses.

c. It cannot be earning a profit.

d. Its profit is zero.

e. It is not earning the maximum potential profit.

7. In the short run, a firm should shut down its business if price is less than:

a. ATC.

b. AR.

c. MC.

d. AVC.

e. AFC.

8. Under perfect competition, a business firm can accept losses:

a. Never.

b. Only for 1 year.

c. Only in the long run.

d. No longer than 10 years.

e. Only in the short run.

9. The marginal approach to profit maximization means that a firm should produce until:

a. Marginal revenue equals zero.

b. Marginal revenue equals marginal cost.

c. Marginal cost becomes negatively sloped.

d. Marginal revenue equals price.

e. Price equals average total cost.

10 In the perfectly competitive market, individual firms exert no effect on the market price. Therefore,

the firm's marginal revenue curve is:

a. Indeterminate.

b. An upward-sloping curve.

c. A downward-sloping curve.

d. The same as the firm's demand curve.