ECON2009 should explain the correct statement.

1. True/ False (12 points (0.5 point for identifying true/false + 1.5 points for explaining the correct statement\" (State if the following statements are true or false. If false give the correct statement. a. In the long run, firms in a perfectly competitive industry are most likely to continue to earn positive economic profit because of barriers to entry. b. Compared to a perfectly competitive industry, a monopolist will generally produce a smaller level of output at a lower price. c. An increase in real income will shift the demand curve for inferior good to the right. d. Monopolistically competitive industry has the greatest number of producers hence it has the greatest product variety compared to other industries. e. Under a production technology in which inputs of production are complements to each other, the producer hires the cheapest input to maximize production. f. As long as negative correlation between consumers' reservation prices are satisfied pure bundling always generates a higher profit