TRUE, FALSE, or UNCERTAIN: PRACTICE QUESTIONS For each question below, please state whether you think the italicized statement is true OR false OR uncertain. Provide a concise (1 paragraph or less, bullet points also fine) explanation supporting your answer. 1. You operate a plant that manufactures widgets which customers love, and you have little in the way of competition. As a result, your profits are relatively high. Your production process requires inputs A and C, and to a certain extent, these inputs are substitutable for each other. For example, it's possible to produce 1 widget using 1 pound of input A and 2 pounds of input C, but it is also possible to make a widget using 2 pounds of A and 1 pound of C. Currently you buy A from Thomas Tech, a large and efficient producer who offers speedy delivery, high quality and attractive trade credit terms. Similarly, you buy C from Chuhan's Careful Corporation, who is a smaller firm, but is by far the largest producer of C, with the most efficient cost structure. You separately negotiate prices with Chuhan's Careful Corporation and Thomas Tech every year, and are fairly confident that they understand the demand curve