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Question 6 (1 point) In perfect competition, marginal revenue is the change in revenue from selling an additional unit of outQuestion 8 (1 point) At its current level of output, a perfectly competiitve firms average variable cost is $8, average totaQuestion 10 (1 point) A long-run competitive equilibrium is impossible if all firms have U-shaped (or saucer shaped) LRAC cur

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Answer #1

6. The change in revenue from selling an additional unit of output.

7. MR=MC and TR>TVC

8.Here marginal revenue = $10 is greater than marginal cost =$9. Hence, the output will be expanded until equality attained.

9. Here again MR>MC. Output will be expanded.

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