True Or False.

1. Raising the tariff on imported steel helps the US Aluminum industry. Therefore, the entire economy is helped.
2. A decrease in average length of annual vacation will move the PPF curve outward.
3. An increase in market demand for pizza means the demand curve will shift to its right.
4. Coke and Pepsi are 'complement' goods.
5. Fixed cost is a cost that you incur regardless of whether you operate your business of shut it down.
6. Average cost is at a minimum when marginal cost equals average cost.
7. A firm that minimizes average cost will not survive in the long run.
8. When marginal revenue equals marginal cost, the firm just breaks even.
9. Perfectly competitive firms are sometimes called price makers because they have significant control over product price.
10. A monopolist that earns a profit in the short run will always earn a profit in the long run.