The perfectly competitive firm's marginal revenue curve is
A)exactly the same as the marginal cost curve.
B)downward-sloping,at twice the (negative)slope of the market demand curve.
The demand curve facing a perfectly competitive firm is
A)the same as its average revenue curve,but not the same as its marginal revenue curve.
B)the same as its average revenue curve and its marginal revenue curve.
C)the same as its marginal revenue curve,but not its average revenue curve.
D)not the same as either its marginal revenue curve or its average revenue curve.
E)not defined in terms of average or marginal revenue.
Because of the relationship between a perfectly competitive firm's demand curve and its marginal revenue curve,the profit maximization condition for the firm can be written as
A)P = MR.
B)P = AVC.
C)AR = MR.
D)P = MC.
E)P = AC.
The amount of output that a firm decides to sell has no effect on the market price in a competitive industry because
A)the market price is determined (through regulation)by the government
B)the firm supplies a different good than its rivals
C)the firm's output is a small fraction of the entire industry's output
D)the short run market price is determined solely by the firm's technology
E)the demand curve for the industry's output is downward sloping