Which of the Following Statements Is (Are) TRUE of Price-Taking

Multiple Choice

Which of the following statements is (are) TRUE of price-taking firms?
I. ΔTR/ΔQ = P = MR
II. Price takers must lower their price to sell additional units of output because demand curves slope downward.
III. If a price taker decides to increase output, the market price will decrease.
IV. Examples of price takers include McDonald's, Burger King, Wendy's, and SONIC Drive-in.

A) II and III
B) I, II, III, and IV
C) I
D) II and IV