Section 2: True, False or Uncertain questions.

For the following, please answer "True" or "False" or "Uncertain" and explain why.

Simply answering true, false or uncertain (even if correct) with no explanation will earn zero points. Complete explanations are required in order to receive max points.

There is a total of 4 true, false or uncertain questions. Each question is worth 10 points. Therefore, there is a total of 40 points available in this section.

1. A firm operating with diminishing total returns can be profit maximizing.

2. After completing 5 years as an apprentice plumber, you have finally completed the accreditation process to become a full-fledged plumber. However, you are now considering changing career paths to become an actor instead. The time and monetary expenditure incurred to acquire the plumbing certificate will play a heavy role in your decision on whether to become an actor or continue on as a plumber.

3. If a firm experiences an increase in fixed costs, the range of prices that results in the firm continuing to operate at a loss also increases.

4. The monopolies are despised by most consumers because it isn't fair that they can charge any price it wishes.