For a competitive firm, marginal revenue is ?

A. total revenue divided by the quantity sold
B. equal to the quantity of the good sold
C. average revenue divided by the quantity sold
D. equal to the price of the good sold

Firms in perfect competition face a?

A. perfectly elastic demand curve
B. perfectly inelastic demand curve
C. perfectly elastic supply curve
D. perfectly inelastic supply curve

A grocery store should close at night if the ?

A. variable costs of staying open are less than the total revenue due to staying open.
B. total costs of staying open are less than the total revenue due to staying open
C. variable costs of staying open are greater than the total revenue due to staying open
D. total costs of staying open are greater than the total revenue due to staying open

In monopolistic competition ?

A. Firms face a perfectly elastic demand curve
B. All products are homogeneous
C. Firms make normal profits in the long run
D. There are barriers to entry to prevent entry

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