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Section A: True/False Questions 1. For a competitive firm, marginal revenue equals the price of the good it sells. 2. If a competitive firm sells three times the amount of output, its total revenue also increases by a factor of three. 3. A firm maximizes profit when it produces output up to the point where marginal cost equals marginal revenue. 4 If marginal cost exceeds marginal revenue at a firm's current level of output, the firm can increase profit if it increases its level of output. 5. A competitive firm's short-run supply curve is the portion of its marginal- cost curve that lies above its average-total-cost curve. 6. A competitive firm's long-run supply curve is the portion of its marginal cost curve that lies above its average-variable-cost curve. 7. Ina competitive market, both buyers and sellers are price takers. 8. In the long run, if the price firms receive for their output is below their average total costs of production, some firms will exit the market. 9. The short-run market supply curve is more clastic than the long-run market supply curve. 10. In the long run, if firms are identical and there is free entry and exit in the market, all firms in the market operate at their efficient scale