Question 1: Mark the following with True {Tl or False {F}, and explain your answer within 4U words for each. {5 marks I: 4 = 20 marks} a] In monopoly, economic prot is IETD- in the long run. bi Even]:r buyer and seller is a price-taker in competitive markets. c} In monopolistic competition, marginal revenue equals the price of the good. d} A rm exits the industry in the long-run, if the revenue it would get from producing is less than its total cost