State whether true or false and briefly explain why: If a business owner is delighted to accept additional orders at the current price, he or she cannot have been a profit-maximizing, perfectly competitive producer. A profit-maximizing, perfectly competitive firm would have been producing such that the multiple choice P > MC, so producing more would mean that the marginal cost increases to match the market price; so this is false. P = AC, so producing more would mean that the average cost would exceed the price reducing profits; so this is true. P = MC, so producing more would mean that the marginal cost would exceed the price reducing profits; so this is true. MR < MC, so producing more would mean that the marginal cost increases to match the market price; so this is false.