Solve #13,14,&15

13. Firms operating in competitive markets produce output levels where marginal revenue equals a. Price. b. Average revenue. c. Total revenue divided by output. d. All of the above are correct. 14. If the market elasticity of demand for potatoes is -0.3 in a perfectly competitive market, then the individual farmer's elasticity of demand a. Will also be -0.3. b. c. Depends on how large a crop the farmer produces. Will range between -0.3 and -1.0. d. Will be infinite 15. If a competitive firm is currently producing a level of output at which marginal cost exceeds marginal revenue, then a. A one-unit increase in output will increase the firm's profit. b. A one-unit decrease in output will increase the firm's profit. c. Total revenue exceeds total cost. d. Total cost exceeds total revenue.