Question

4. In the long run a perfectly competitive firm produces efficiently from the firm perspective. You...

4.

In the long run a perfectly competitive firm produces efficiently from the firm perspective. You are able to see this because the firm _______.

Group of answer choices

produces at the minimum point of the marginal cost curve

produces at the minimum point of the average variable cost curve

produces at the minimum point of the average total cost curve

produces at the output where MC = P

5.

Which of the following is correct regarding the graph of a monopoly? There is more than one answer to this question. You must mark all of the correct answers to receive full credit.

Group of answer choices

The demand curve is downward sloping.

The marginal revenue curve is horizontal.

The marginal revenue curve starts at the same point on the vertical axis as the demand curve.

The marginal revenue curve has twice the slope of the demand curve.

The marginal revenue curve lies under the demand curve.

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