Why is the marginal revenue of a perfectly competitive firm equal the market price?

1. [2 points] Why is the marginal revenue of a perfectly competitive firm equal the market price? 2. [2 points] Riddle: consider two perfectly competitive industries: Coal and Oil. Each face identical demand and cost condition except that the minimum efficient scale output in industry coal is twice that of oil. In the long-run competitive equilibrium, which industry will have more firms?3. [3 points] the donut shop next to your home is in a perfectly competitive market. It's cost curves can be expressed as SEC (9) = 200 + Q + 0. 5'22 and M0011) = 1 + Q. a. What is the equation for the average cost? b. What is the minimum level of average cost? c. What is the donut shop's supply curve? 4. [3 points] the market for corn is perfectly competitive. Each farmer is considered to be the same and have the following Marginal cost : Mth) = 10130.. They also have the long run cost: 150 AC (q) = 10 + 1. 569 + . The market demand is : D(P)=2500-2P. q a. What is the long term equilibrium in this industry? (price and rm quantity) b. How many rm are there in the long run