Marginal revenue :
a. is the slope of the average revenue curve
b. equals the market price in perfect competition
c. is the change in quantity divided by the change in total revenue
d.is the price divided by the changes in quantity
The supply curve found by summing up the short-run supply curves of all the firms in a perfectly competitive industry is called the:
a. firm's marginal cost curve
b. short-run market supply curve
c. the interim market supply curve
d. competitive curve
When a perfectly competitive firm is in long-run equilibrium, the firm is :
a. producing at maximum average total cost
b. producing at maximum average variable cost
c. producing at minimum marginal cost
d. producing at minimum long-run average total cost
I got b., b., and d. respectively but want to make sure.
Thanks
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