Can someone please help me with these Economics Questions?

Question

Question 1) A perfectly competitive firm realizes an average revenue of $11 and an average total cost of $10. Its marginal-cost curve crosses the marginal-revenue curve at an output level of 100 units. The current profit is $100. What is likely to occur in this market?

A. The price will go down.

B. Firms will leave the market.

C. Costs will go up.

D. Costs will go down.

Question 2) When a monopolist faces a downward-sloping market demand curve, its

A. average revenue is always less than marginal revenue.

B. marginal revenue is greater than the price of the units it sells.

C. average revenue is less than the price of its product.

D. marginal revenue is always less than the price of the units it sells.

Question 3) In a perfectly competitive market where all firms have identical cost structures, the market supply curve would be equal to the

A. sum of supply curves for all firms in the market.

B. product of supply curves for all firms in the market.

C. sum of average variable cost curves for all firms in the market.

D. sum of average total cost curves for all firms in the market.

5 hours ago - 3 days left to answer

Answer 1

Q1:

A. The price will go down.

Q2:

D. marginal revenue is always less than the price of the units it sells.

Q3:

A. sum of supply curves for all firms in the market.