Question: Question 8 Indicate whether each statement below is True or False and briefly explain your reasoning (display a diagram or a calculation if necessary). a)

Question 8 Indicate whether each statement below is True or False and briefly explain your reasoning (display a diagram or a calculation if necessary). a) A price taking firm's marginal cost curve defines its short run supply curve. True or False? b) A profit-maximizing firm in a perfectly competitive industry should select the output level at which the firm is maximizing its profitability on the margin. True or False? 3 c) If a market satisfies all the assumptions about perfect competition, then we can Pareto improve upon such market. True or False

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