4 Firms in both perfect competition and monopoly will maximize profit in the short run where (choose one answer): a) They set MC MR, MC cuts MR from above, and

price exceeds average variable cost. b) They set AC = price, AC is at a minimum, and price exceeds average total cost. c) They set MC= MR, MC cuts MR from below, and price exceeds average fixed cost. d) They set AC = AR, AC cuts AR from below, and price exceeds average variable cost. e) They set MC= MR, MC cuts MR from below, and price exceeds average variable cost.