3. Firms in an Oligopoly always try to compete with each other on price . Truelor False ? Check one off and EXPLAIN. 4). A perfect competitor will always break even in the long run at the point where MR = min AVC. True or False ? Check one off and EXPLAIN. sir pls answer fast thanks

1. The Production Possibilities Curve is bowed outward due to the law of diminishing marginal utility. True or False? Check one off and EXPLAIN(4) O True False 2. A producer can easily raise prices for a product with an elastic demand. True or False? Check one off and EXPLAIN (4) True False