Which of the following statements is correct?Group of answer choicesa. In a competitive market buyers will consume a good as long as the marginal benefit is less than or equal to the price.b. In a competitive market sellers will produce a good as long as the marginal cost is greater than or equal to the price.c. In a competitive market marginal revenue is greater than the price.Statements a and b are correct.None of the statements in this list are correct.

If, in a competitive market, marginal benefit is less than marginal cost, which of the following statements are correct? The net benefit to consumers from participating in the market is less than the net benefit to producers. There is a deadweight loss in the market. The quantity sold is less than the equilibrium quantity. The quantity sold is greater than the equilibrium quantity.

For a business operating in monopolistic competition, profit will be maximized when marginal revenue equals marginal cost, but unlike perfect competition, marginal revenue is _____ than price.Multiple choice question.moreless

Which of the following is true for both a monopolistically competitive firm and a perfectly competitive firm in long-run equilibrium? aMarginal cost is greater than marginal revenue. bPrice is greater than marginal cost. cPrice is equal to average total cost. dPrice is equal to marginal cost.

A perfectly competitive firm should produce output until the point where:Multiple choice question.marginal cost exceeds marginal revenue.marginal revenue equals marginal cost.total revenue exceeds total cost.marginal revenue exceeds marginal cost.

A perfectly competitive firm will maximize profits at the output level where which of the following is true?Group of answer choicesMarginal cost is equal to marginal revenueMarginal cost is equal to total revenueAverage cost is equal to marginal revenueAverage total cost is equal to average revenue