PLEASE ANSWER THE QUESTIONS

TRUE OR FALSE

1.When drawing a production possibility curve you must hold constant the level of technology and amount of resources.

2.For a single-price monopolist the marginal revenue will always be less than the price.

3.Consider a perfectly competitive market in a long run equilibrium.All firms could be producing different quantities, but all firms will be producing at a point where they have the same marginal cost.

4.Markets move toward equilibrium through the pursuit of self-interest by consumers and producers.

Question 20 1 points Save A The curves below illustrate a profit maximizing firm operating in a perfectly competitive market. The rectangle area outlined in pink would equal the firm's total variable cost. MC ATC AVC Price AFC q Q O True False