Take a look at the statements below about a purely (or perfectly) competitive market. Indicate whether each statement is true or false by moving the true or false labels to the appropriate boxes.
In general, the market demand curve in a purely competitive market is perfectly elastic
In general, an individual firm in a purely competitive market faces a perfectly elastic demand curve
An individual firm in a purely competitive market can obtain a higher price for its product by reducing its output
An individual firm in a purely competitive market must lower its price in order to sell more of its product
In a purely competitive market the average revenue is equal to the market price
In a purely competitive market the marginal revenue is equal to the market price.