Each of the following statements is false. Explain why.

1.) A 3% increase in a competitive industry's production costs will increase price by at least 3%

2.) If there is no inflation, then it is necessarily better to receive $210 in one year rather than receive $200 today.

3.) Suppose a person's expected medical expenditures are $6,500.Then it is irrational for the person to spend any more than $6,500 on full health insurance ("full" meaning that it will cover all medical expenditures). (Take the first sentence as given.You should address the second sentence.)