Garrett runs his soybean farm that operates in a purely competitive industry. Garrett complains that he often keeps his company operating even when it carries losses. For an economist, this is because O the loss while operating can be less than fixed costs. O the loss can be less than variable costs. O firms should only operate if they are making money. O in pure competition, companies can only make profits in the long run.Voms is the only supermarket in Arrowine and, as such, a pure monopolist on the market. To an economist, the demand curve faced by Voms O is horizontal. is a line below MR curve. O is perfectly elastic O. is the same as the market demand curve.The market situation for Klean Yard, a monopolist for a strong pesticide product, is shown in the diagram below In order to maximize its profits (or minimize losses) Klean Yard will likely produce: MC $12 ATC $7 $5 Demand MR 0 30 34 40 Quantity O 40 units and charge price E. O 30 units and charge price $5. O 30 units and charge $12. O 34 units and charge price $7.John has found out that a certain product he currently consumes shows a negative income elasticity of demand coefficient. What does this essentially mean? O The product is a complementary good The product follows the law of demand O The product is a substitute good The product is an inferior good