The market price is determined by multiple choice 1 marginal revenue and marginal cost. marginal revenue and average total cost. market demand and market supply. b. To determine the firm's profit-maximizing output, the firm will set its marginal revenue equal to multiple choice 2 marginal cost. average variable cost. market price. average total cost. c. A firm is making an economic profit if, at the profit-maximizing output, the market price is multiple choice 3 less than average variable cost. greater than average total cost. less than average total cost. greater than average variable cost. d. If firms are earning economic profits, the market price will multiple choice 4 increase as new firms enter the market. increase as some existing firms exit the market. fall as new firms enter the market. fall as some existing firms exit the market