In perfect competition, entry and exit are difficult, but goods are homogeneous

If the loss-minimizing output for a perfectly competitive firm is zero, then, at all other output levels,

a. price must be greater than average variable cost b. the marginal cost curve must slope downward c. marginal cost is less than marginal revenue d. total revenue is less than total variable cost e. total revenue is less than average variable cost

________: the monetary value of a nation's merchandise exports minus the value of merchandise imports for a given period of time

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