The automobile market is an example of a perfectly competitive market

If a perfectly competitive firm is maximizing its profit and is making an economic profit, which of the following is correct?

i. Price equals marginal revenue. ii. Marginal revenue equals marginal cost. iii. Price is greater than average total cost. A) i only B) i and ii only C) ii and iii only D) i and iii only E) i, ii, and iii

If the demand and supply curves for a commodity shift to the right by the same amount, then in comparison to the initial equilibrium, the new equilibrium will be characterized by:

A) a higher quantity and price. B) a lower quantity and a higher price. C) the same quantity and a lower price. D) a higher quantity and the same price.