Refer to Figure 4.1. Simon is the ________ player

An argument against the use of tariffs to keep out the production of "cheap" foreign labor is that:

A) wage rates and labor productivity are directly related. B) product prices and labor costs are unrelated. C) there is no significant relationship between labor productivity and wage levels. D) they don't work.

How are market price, average revenue, and marginal revenue related for a perfectly competitive firm and why?

What will be an ideal response?