A purely competitive seller is: both a "price maker" and a "price taker". neither a "price maker" nor a "price taker". a "price maker". a "price taker." If a firm in a purely competitive industry is confronted with an equilibrium price of S5. its marginal revenue: may be either greater or less than $5. will be less than $5. will also be $5. will be greater than $5. When a firm is maximizing profit it will necessarily be: maximizing profit per unit of output. maximizing the difference between total revenue and total cost minimizing total cost. maximizing total revenue. The MR = MC rule can he restated for a purely competitive seller asp = MC because each additional unit of output adds exactly its price to total revenue. the firm's average revenue curve is downsloping. the market demand curve is downsloping. the firm's marginal revenue and total revenue curves will coincide. Answer questions 22-2d on the basis of the following cost data for a firm that is selling in a purely competitive market:
