In the perfectly competitive market, individual firms exert no effect on the market price. Therefore, the firms marginal revenue curve is:



A. INTERMEDIATE

B. AN UPWARD-SLOPING CURVE

C. A DOWNWARD-SLOPING CURVE

D. THE SAME AS THE FIRMS DEMAND CURVE



A perfectly competitive firm's short run supply curve is the:



A. AVERAGE TOTAL COST CURVE

B. DEMAND CURVE ABOVE THE MARGINAL REVENUE CURVE

C. SAME AS THE MARKET SUPPLY CURVE

D. MARGINAL COST CURVE ABOVE THE AVERAGE VARIABLE COST CURVE.