Question content area

Part $1$

Fill in the blanks to make the following statements correct.

Part $2$

a$.$ The demand curve faced by a single firm in a perfectly competitive market is

horizontal

$.$

Part $3$

b$.$ The demand curve faced by a single firm in a perfectly competitive industry coincides with the$$ firm's

average and marginal revenue

curves.

Part $4$

c$.$ Total revenue is calculated as

price times quantity

$.$ Average revenue is calculated as

total revenue divided by output quantity

$.$ Marginal revenue is calculated as

change in total revenue divided by change in output quantity

$.$

Part $5$

d$.$ A$$ firm's loss when it produces no output is equal to its

$$

$.$