TRUE OR FALSE

1. In the short- run to maximize profit the firm should produced an output where the the average total cost is at a minimum
2. The long run competitive equilibrium is when the price is equal to the minimum level of average cost.
3. Marginal cost pricing regulation for a monopoly produces more output and lower prices
4. The price of the good under monopoly is lower than the profit- maximizing level
5. the firm minimizes its losses when it stops producing under the condition where the price is less than the average cost
6. the average cost curve intersects at the minimum point of marginal costs
7. the profit maximizing condition is when marginal revenue equals marginal costs.
8. under perfect competition, industry price and output are determined at the intersection of the demand and supply curves
9. the cartel maximizes profit by restricting output and raising the price