TRUE/FALSE. Write 'T' if the statemen: is true and 'F' if the statement is false.

41) There are opportunity costs associated with reducing pollution.

42) Requiring that a firm engage in pollution abatement tends to reduce the firm's profits.

43) External costs occur when people litter.

44) Patents are a barrier to entry.

45) Oligopolists consider the possible responses of rivals when making decisions.

46) Small firms can never achieve market power.

47) Oligopoly is a type of industry in which firms are independent.

48) The monopolistically competitive firm earns zero economic profit in the long run.

49) Monopolistically competitive firms advertise to differentiate their product from those of

competitors.

50) The argument for government intervention implies that government regulation can

improve market outcomes.