Good Day Tutor!

Can you help me with my assignment about Managerial Economics? Thank you in advance tutor!

TRUE OR FALSE. And explain why it is the correct answer.

1. Existing firms have more power than new entrants in a perfectly competitive market.
2. Products have more variety and are more innovative under perfect competition.
3. Firms in a perfectly competitive market earn supernormal profits in the long run.
4. A firm should shut down if the revenue they get is less than the average fixed cost.
5. Zero economic profit means the price equals average variable cost.
6. In a perfect competition, all firms produce the same product.
7. A firm in a perfect competitive market cannot set its own output.
8. When firms enter the market in a perfectly competitive industry, the supply curve shifts to the right.
9. If a firm shuts down temporarily, it does not pay for any costs.
10. The products in the perfectly competitive market are substitutes for each other.
11. If price is lower than average total cost, the firms earns supernormal profits.
12. If a firm in a perfectly competitive market decides to produce more, the prices will go up.
13. It is advisable for firms in a perfectly competitive market to advertise.
14. Only the buyers know the quality of goods in a perfectly competitive market.
15. There is only one (1) form that can set the price in a perfectly competitive market.