It is true or false questions.

Answer following Questions (True or False)

Answer following Questions (True or False)e 7. The amount of output that a perfectly competitive firm decides to sell has a massive effect on the market price in a competitive industry. 8. The change in revenue resulting from a one unit increase in output is known as average revenue. 9. The condition that price average revenue marginal revenue demand holds for every type of firm in any market structure. 10.The firm's supply decision is to always produce and supply positive (i.e., non-zero) output for any prices which are below the minimum average variable cost.e I I .1n the long run, when a perfectly competitive firm earns zero economic profit, it has every incentive to exit the industry.