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AutoSave . .P 9 6 . 5 65 : 3 Chapter 8 Problems-1 - Saved to my Mac Q Home Insert Draw Design Layout References Mailings Review View Tell me Share Comments Comic San... 16 A Aa v AL AaBbCcDdE AaBbCcDC AaBbCcDdE AaBbCcDdI AaBbCcDdEt AaBb( Paste BIU ab A v . A v E Emphasis Heading 1 Normal Strong Subtitle Title Styles Dictate Sensitivity Pane Chapter 8 True-False Problems Indicate whether each of the following are True of False statements Name: 1. Tor F For a perfectly competitive firm, its marginal revenue from the sale of an additional unit is generally less than the market price. 2. Tor F If a perfectly competitive firm wants to sell its output, it must accept the market price, but it can sell as much output as it wishes at that market price 3. Tor F A perfectly competitive firm's short-run supply curve is equal to the firm's average total cost curve, 4. Tor F In a perfectly competitive market, all firms produce and identical product and each firm comprises only a very small portion of the total market. 5. Tor F In perfect competition, each firm confronts a perfectly elastic demand cur Cut is a horizontal line at the market price. 6. Tor F In the short run, perfectly competitive firms will expand their output and earn higher profits when the market price increases. 7. Tor F A price-taking firm earning zero economic profit will generally go out of business unless it expects to earn positive economic profits in the long run. 8. Tor F When a firm shuts down in the short run, its total cost will fall to zero. 9. Lor F Whenever short-run economic profits are present in a perfectly competitive market, new firms will enter and the market price will fall until all firms earn only zero economic profits in the long run. 10. Loc F Economic losses cause firms to exit from and industry in the long run, and the market supply declines until zero economic profits are restored. Page 1 of 1 286 words Ox English (United States) Focus E 84%