7. In the homogeneous product case, price is higher, quantity is competition. and profits are higher under competition than under a. lower; price; quantity b. higher; quantity; price c. higher; price; quantity d. lower; quantity; price

4. Study Questions and Problems #4 The market equilibrium price for wheat is $4 per bushel. On the following graph, use the green line (triangle symbol) to plot the marginal revenue curve for a typical wheat farmer. Use the orange line (square symbol) to plot the total revenue curve for this farmer. TOTAL REVENUE & MARGINAL REVENUE (Dollars per bushel) 10 9 9 1 2 3 4 6 6 7 8 9 10 QUANTITY (Bushels) Marginal Revenue Total Revenue ? True or False: Marginal revenue is the change in total revenue per bushel. In this case, $4 is the marginal revenue that remains constant and equal to price. True False

Give typing answer with explanation and conclusion  Which of the following characteristic(s) does not describe a competitive market?   1. A market where firms can freely enter or exit the market.   2. A market where firms sell a differentiated product.   3. A market with few buyers and sellers.   4. A market where firms sell a nearly identical product.   Choices   A.2 and 3   B.1, 2 and 3   C.1, 3, and 4