True or False

(1) Perfect competition is characterized by a large number of small firms producing differentiated products.

(2) When Target left the Canadian market in 2015, demand for Walmart products and those of other supermarkets most likely became less elastic, ceteris paribus.

(3) The ban on the exports of US beef to China because of mad-cow disease shifts the beef supply curve in the US leftward/inward.

Give the correct answer with explanation why it is true or why it is false