According to the theory, in thelong-run, firms in the market structure ofPerfect Competitionwill NOT makeabove-normal profits. (True / False)

According to the theory, in theshort-runfirms in both the market structures ofPerfect CompetitionandMonopolisticCompetitioncanneverearn above-normal profits (True or False?)

Ceteris paribus, a monopolistically competitive firm charges a higher price and provides less output than a perfectively competitive firm, therefore is considered less efficient than a firm in perfect competition.(True / False)