Clearly explain why each of the following statements is false. 1. Market power enables a seller to charge a price that is higher than its marginal cost, and this is what makes it possible for sellers with market power (such as monopolists) to earn positive prots in the long run. 2. The amount of deadweight loss associated with underproduction by monopolistically competitive rms serves as an accurate measure of the true loss in social welfare resulting from this market structure compared to perfect competition (in other words, this DWL tells us how much better off society would be if this market was perfectly competitive rather than monopolistically competitive). 3. A particular UCLA football game can only be watched in person (the network with the TV rights has decided to show the USC football game instead), and this game is being played in a mostly-empty stadium (most college football fans in the area are watching the USC game). This UCLA football game is a public good because another person could attend the game without interfering with others' ability to watch it. 4. The free market will never produce a positive amount of a good that is both non-rival and non-excludable (in other words, government intervention is required in order for a non-zero quantity of this sort of good to be produced)