In perfect competition: a. price and average variable cost are the same. b. price and marginal revenue are the same. c. total revenue and total variable cost are the same. d. price and total revenue are the same.

b. price and marginal revenue are the same.

Explanation:

A perfect competition is a market where there are many buyers and sellers of homogenous goods and services.

There are no barriers to entry and exit of firms into the market. As a result of this, firms earn zero economic profit in the long run.

Firms are price takers. Market prices are set by market forces.

Price is equal to marginal revenue and average revenue.

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the business rule that governs the relationship is one-to-many as there are multiple customers for each agent.

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know