$($a$)$ Two consumers with the same set of indifference curves would always have the same preferences. T$/$F: $($b$)$ Consider a consumer with utility function U $($x$,$ y$)=2$x $+$ y$,$ facing prices px $=$ py $=1.$ In order to maximize utility, this consumer should only consume good X regardless of income. T$/$F: $($c$)$ If the price of an inferior good is lower, the demand change due to the substitution demand would always be negative. T$/$F: $($d$)$ If M PL w $>$ M PK r at the current output level, a firm can reduce cost by increasing K and decreasing L while maintaining the same output level. T$/$F: $($e$)$ All profit maximizing firms must be cost minimizing. T$/$F: $($f$)$ Consider a perfectly competitive market with identical firms. The long$-$run equilibrium number of firms will be lower if there is a negative demand shock such as a pandemic. T$/$F: $($g$)$ If a monopolist produces at an output level at which the demand is inelastic, it can increase profit by decreasing price. T$/$F: $($h$)$ Facing uncertainty, a risk$-$neutral individual maximizes their expected monetary payoff. T$/$F: