identify whether true or false and give short explanation

With fixed costs of $400, a firm has average total costs of $3 and average variable costs of $2.50. Its output is 800 units.

When marginal product reaches its maximum total product is increasing if marginal product is still positive

When the total product curve is falling, the marginal product of labor is negative.

The law of diminishing returns states that as a firm use more of a variable resource, given the quantity of fixed resources, marginal product of the firm will eventually decrease.

A firm operating under conditions of perfect competition will find that its marginal costs equal its average costs

When a perfectly competitive industry is in long term equilibrium all firms in the industry will be operating at their lowest possible costs

A price-taking firmcannot influence the price of the product it sells

One of the requirements for a monopoly is thatthere are several close substitutes for the product.

A monopoly maximizes profit by choosing the quantity at which marginal revenue equals marginal cost.

The key difference between a competitive firm and a monopoly is the ability to influence the price.