QUESTION 24 Dimishing marginal returns is exemplified by falling marginal product offrising marginal cost. O True False QUESTION 25 There are positive long run economic profits in perfect competition True False QUESTION 26 The marginal product curve is the slope of the total product curve. Therefore, when diminishing marginal returns sets in, the total product curve increases at a decreasing rate and marginal product falls. True False QUESTION 27 All inputs and costs are variable in the long run True False