QUESTION 6 Is the following statement true or false: If firms in a perfectly competitive market are earning a loss (negative profit), you would expect firms to leave the market in the long run. O True O FalseQUESTION 7 How do economists measure the desirability of the market outcome with respect to consumers and producers? O Deadweight loss. O Consumer and producer surplus, respectively. O The price taker assumption, the ability of firms to enter a market, and homogeneous goods. O How much profit a firm is able to make.QUESTION 8 When economists talk about the "efficiency" of a market outcome, they mean welfare maximization. That is, they are referring to a situation where O The ability for firms to enter or leave a market. O Both consumer surplus and producer surplus are as they could both possibly be. O Marginal costs are decreasing. O The sum of consumer and producer surplus is as large as it could possibly be.QUESTION 9 What is it about a natural monopoly that gives it protection from competitors due to significant barriers to entry? O It has access to natural resources that no other company could have. O It has very large fixed costs. O It produces utilities. O It has significant research and development