Question: 1. Explain whether the following statements are TRUE or FALSE. Draw supporting diagrams. Clearly indicate T (for true) and F (for false) in the beginning

1.Explain whether the following statements are TRUE or FALSE. Draw supporting diagrams. Clearly indicate T (for true) and F (for false) in the beginning of the statement.

(a)As long as marginal revenue declines, average revenue also declines.

(b)A perfectly competitive firm operates in the upward portion of the marginal cost curve.

(c)In the long run industry equilibrium, no firms will be losing money.

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