answer the following all questions

Q) 3. Evaluate the following statements whether they are true or false. Justify your answer with an appropriate reason. (Draw a graph if it is necessary). [12 Marks] a) The long run equilibrium condition for the competitive firm is P = LRAC = MR = MC. b) If the total cost function is given by TC = 10,000 +10Q +85 Q', the associated total fixed cost and total variable functions are given by: TFC = 10,000 and TVC =100+85 Q- respectively. c) A monopolistically competitive firm cannot successfully maintain positive economic profits in the long-run d) Under kinked demand theory the prices of oligopolists are predicted to be rather rigid or 'sticky'. e) A firm not having the ability to influence the price of its goods and services and having to accept the equilibrium price in the market of that good is a price taker. f) For a monopoly producing a certain amount of output, price is less than marginal revenue