Q1. I don't know how to do it.

Section-1: True/False and Explain Questions: Indicate whether each statement is true or false, and briefly justify your answer. You should draw a labelled diagram or provide an example to explain your answer, wherever appropriate.~ 1. In an imperfectly competitive market, equilibrium price can never be below the marginal cost.~ 2. Mask making industry can differentiate their products, so in the long-run equilibrium price P=Average variable costs (AVC) for them.~ 3. The value of a second-hand car would be included in GDP of 2020 if its purchased by firms rather than households in 2020.~ 4. During COVID-19, a lot of economic activities constituted "work from home" so they will not be included in real GDP for 2020.~ 5. Macroeconomic policymakers in any country only want to increase real GDP and reduce unemployment without bothering about inflation. ~ 6. In New Zealand, we are now officially out of a recession based on quarterly GDP growth rates in 2020.~ 7. Lowering the Official Cash Rate (OCR) in New Zealand would be an example of a contractionary monetary policy. ~ 8. A crowding out effect of an increase in government expenditure would be expansionary in nature, increasing real GDP. ~ 9. Introduction of digital technologies to boost productivity would shift the aggregate supply of an economy only in the short-run