For each of the following statements, indicate whether it is true, false, or uncertain andEXPLAIN WHY.

a. In the long-run the typical monopolistically competitive firm earns no economic profit and that indicates that the firm is economically (productively) efficient.

b. Monopolists have complete pricing freedom as they seek to maximize profits.

c. In the short-run, if price drops below the average total cost, the perfectly competitive firm must shut down immediately.