QUESTION 1 Is the following statement true or false: In the long run, the perfectly competitive outcome will be efficient. O True O FalseQUESTION 3 Is the following statement true or false: The monopolist sets the highest price possible in order to maximize profits. O True O FalseQUESTION 4 In the short run, the monopolist always earns a higher profit than a perfectly competitve firm. O True O FalseIs the following statement true or false: If a monopolist is earning a profit, they should expect firms to enter the market and compete with them. O True O False