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ANSWER ALL QUESTIONS. "In each of the following statements there is a highlighted word. If you think that the statement is correct and that the highlighted word does not need changing simply write 'correct' as your answer. If you think the statement is wrong, change the word so as to make the statement correct." \"A fall in the price of a good increases the demand for substitutes." "For normal goods the substitution effect of a fall in price acts in a different direction to the income effect." \"The rate of time preference (p) will be less than the rate of interest (r) at equilibrium." \"A 'riskaverse' person would always accept a fair gamble." \"A consumer with a utility function U=C1 C2 has a pure rate of time preference {P*) of 1." \"The Producers\" Surplus can be defined as; Pure profit minus Fixed cost." \"If the rate of interest falls then there would be a positive income effect for someone that is already a borrower." \"The LRAC (long run average cost curve) for a natural monopolist is downward-sloping." \"An 'lsocost' line shows all points where combined inputs have the same input grice." \"The efciency losses associated with a perfectly discriminating monopolist will be zero."