Aperfectly competitive firm produces where
a. marginal cost equals price, while a monopolist produces where price exceeds marginal cost.
b. marginal cost equals price, while a monopolist produces where marginal cost exceeds price.
c. price exceeds marginal cost, while a monopolist produces where marginal cost equals price.
d. marginal cost exceeds price, while a monopolist produces where marginal cost equals price.

A

Explanation:

In perfect competitive markets, firms do not have market power to change the price. This happens because there are no barries to entry: if there are firms that are selling at a price greater than the marginal cost, people will notice and more firms will enter to the market until the price drops and equals the marginal cost. All firms produce at the minimum avergae cost, the figure shows that the price is defined by the intercept between the averga cost curve and the marginal cost.

In monopolies, firms have market power and can charge a price greater than the marginal cost. As the figure shows, the monopoly price (where the monopoly quantity interceps the demand) is greater than the marginal cost (where the marginal cost curve intercepts the marginal revenue curve).

years agooo ahaha. but honestly they need to update ! : )

being born in poverty would limit the people's chances, opportunities and benefits.

this happen because of several things, such as:

- poor people tend to gain less access to good education and nutrition. this mean that their chance to obtain high paying jobs would also be limited.

- poor people tend to socialize with other poor people while the rich tend to socialize with other rich people. this means that simply throguh their social circle, rich people would have more business opportunities compared to the poor people.

- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.