Assignment: Keep the answers short and precise (3-4 sentences max). You might not find all the answers in lecture or book. Googling the unknown terms will be very useful. 1. Given the following profit-loss schedule in the short run, how many units should a firm produce? 2. (True/False. Explain) Firms in perfect competition experience increase in short run economic profit if demand increases. 3. Differentiate between a price take and a price maker. 4. (True/False. Explain) A monopolist can convert the entire customer surplus into profit. 5. Provide examples of monopoly in the US market. How do they keep the deadweight loss low? Assignment: Keep the answers short and precise (3-4 sentences max). You might not find all the answers in lecture or book. Googling the unknown terms will be very useful. 1. Given the following profit-loss schedule in the short run, how many units should a firm produce? 2. (True/False. Explain) Firms in perfect competition experience increase in short run economic profit if demand increases. 3. Differentiate between a price take and a price maker. 4. (True/False. Explain) A monopolist can convert the entire customer surplus into profit. 5. Provide examples of monopoly in the US market. How do they keep the deadweight loss low