Question: For the following statement select True or False with two to five line explanations. EXPLANATION IS COMPULSORY 15. A firm operating under conditions of perfect

For the following statement select True or False with two to five line explanations. EXPLANATION IS COMPULSORY

15. A firm operating under conditions of perfect competition will find that its marginal costs equal its average costs

16. When a perfectly competitive industry is in long term equilibrium

all firms in the industry will be operating at their lowest possible costs

17. A price-taking firmcannot influence the price of the product it sells

18. ) One of the requirements for a monopoly is thatthere are several close substitutes for the product.

19. A monopoly maximizes profit by choosing the quantity at which marginal revenue equals marginal cost.

20. The key difference between a competitive firm and a monopoly is the ability to influence the price.

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