To receive full credit on each question (including the True/ False) show your work or provide an argument to justify your answer. 1. True or false. (a) If a perfectly competitive rm innovates a new technology, it can earn short-run and long-run prots. (b) It is possible for accounting and economic costs to be equal, but it is never possible for economic costs to be less than accounting costs. (0) Greg is a corn farmer with a 40 acre tract of land. Each acre can produce 100 bushels of corn. The cost of planting the tract in corn is $20,000, and the cost of harvesting the corn is $10,000. In May, When corn is selling for $10 per bushel, Greg plants his crop. By September, the price of corn has fallen to $2 per bushel. Greg should still harvest and sell his corn. (d) A plant's production function is Q = 4L2K2. This plant has a diminishing MRTSM