Answers
a) "D"
A firm is a price taker mean a firm can alter the output in the market without affecting the price.
b) "B"
It is perfectly elastic even though the market demand curve is downward sloping.
c) "C"
it is the MC curve that lies above the Average variable cost curve.
d) "B"
The firm will be producing at the point were the MR=MC and they will be maximising the profit
e) "B"
This is an increasing cost industry and the supply curve in the market will be sloping upward.
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