QUESTION 1 If the own-price elasticity of demand is zero, then a change in price will also have a zero effect on total revenue. O True False QUESTION 2 If the cross-price elasticity of demand for milk with respect to soda +0.25 then we should assume that the cross-price elasticity of demand for soda with respect to milk would also be +0.25. O True False QUESTION 3 True or False? No explanation needed. "Assuming gasoline production is s perfectly competitive industry, a decrease in the cost of producing gasoline will lead to a greater profits for gasoline producers in the short run than in the long run." True O False QUESTION 4 True or False? No explanation needed. "If a monopolist charges every consumer their maximum willingness to pay for each transacted unit, then there will be no deadweight loss." True O False