[单选]Competitive markets are characterized by
A. a small number of buyers and sellers.
B. unique products.
C. the interdependence of firms.
D. free entry and exit by firms.
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[单选]For a firm operating in a competitive industry, which of the following statements is not correct?
A. Price equals average revenue.
B. Price equals marginal revenue.
C. Total revenue is constant.
D. Marginal revenue is constant.
[单选]Suppose that in a competitive market the equilibrium price is $2.50. What is marginal revenue for the last unit sold by the typical firm in this market?
A. less than $2.50
B. more than $2.50
C. exactly $2.50
D. The marginal revenue cannot be determined without knowing the actual quantity sold by the typical firm.
[单选]For a firm in a perfectly competitive market, the price of the good is always
A. equal to marginal revenue.
B. equal to total revenue.
C. greater than average revenue.
D. equal to the firm’s efficient scale of output.
[单选]At the profit-maximizing level of output,
A. marginal revenue equals average total cost.
B. marginal revenue equals average variable cost.
C. marginal revenue equals marginal cost.
D. average revenue equals average total cost.
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