) True/False, Explain: 1. Rationality in economics implies consistently choosing the correct solution to a problem, especially when the payoff to the group is greater than the payoff to the individual. 2. When voters remain uninformed on policy issues, they are acting irrationally because it is always better to vote on more rather than less information. 3. In the short run, firms will immediately shut down if the price falls below average variable cost. 4. Two parties will trade if and only if they each place identical value on the items they wish to acquire from one another. 5. If the good along the X axis is inferior, then the Engle Curve will have a negative slope. 6. A Monopoly is defined as a single firm operating in the market