True, False, and Explain:Label each question as True or False .Use words and/or graphs to justify your answer.Your credit rests on the quality of your explanation.

1._______ If a profit-maximizing firm finds that at its current level of production MR

2._______ If increasing returns to scale are present, the long-run average cost increases as more output is produced. (you must use a graph as part of your answer.)

3._______ A monopolist has no supply curve.

4._________ A firm that is profitable in accounting terms must also be profitable in economic terms.Similarly, a firm that is profitable in economic terms must also be profitable in accounting terms.