3. A competitive firm would benefit from charging a price below the market price because the firm would achieve (i) (ii) (iii) a. (i) only b. (ii) and (iii) only c. (i), (ii), and (iii) higher average...

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Extracted text: 3. A competitive firm would benefit from charging a price below the market price because the firm would achieve (i) (ii) (iii) a. (i) only b. (ii) and (iii) only c. (i), (ii), and (iii) higher average revenue. higher profits. lower total costs. d. None of the above is correct.