1. A perfectly competitive firm will charge a price where:

A) P = D
B) P = MR
C) P = AR
D) P = industry P
E) all of the above answers are correct.

2. The quantity produced for the individual firm is determined by where

A) ATC is at its lowest point.
B) MR = MC.
C) MC is falling.
D) MR > MC.
E) MC < MR.

3. To maximize profits, an individual firm will produce

A) q1
B) q2
C) q3
D) q4
E) will produce the market quantity.