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Discuss whether the following statements are true or false. Justify your answers. (i) Any point on the supply curve indicates the minimum price that a

Discuss whether the following statements are true or false. Justify your answers.

(i) Any point on the supply curve indicates the minimum price that a producer must receive in order to supply a specific quantity of output.

ii) Maximising producer surplus is the same as maximising profit.

iii)Assume that fixed costs are sunk. Explain why a perfectly competitive firm will operate if it can cover its total variable cost in the short run.

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