Answers should be written in chronological order. Answers should include complete solutions - meaning formulas and if necessary, graphs to substantiate your answer. For example, simply answering TRUE to Statement #1 even if it is correct will not merit any point in the absence of a complete explanation. If the statement is FALSE, you also must explain why it is false. Box your final answers. No solution, no points.TRUE OR FALSE (10 points each). Whether the statement is TRUE or FALSE, an explanation is needed to substantiate your answer. Explain exhaustively. 1. All costs are variable in the long run. 2. There is deadweight welfare loss under a monopoly. 3. Under a perfectly competitive market, the firm's demand curve is a horizontal line. 4. Economic profit is greater than accounting profit. 5. An isoquant is a locus of points that represent combinations of factor inputs that yield the same level of output. 6. The lowest point of the average total cost curve is the point where it intersects the marginal cost curve. 7. Stackelberg oligopoly is a type of oligopoly wherein firms decide their optimal level of output as a reaction to another firm's level of output. 8. The profit maximizing condition for any type of market structure is total revenue equals total cost. 9. Under perfect competition, all firms will not earn any profit. 10. A monopolist will always charge a price less than the perfectly competitive market