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State if the following statements are true/false


State if the following statements are true/false. Explain your answer. (0.5 points for correctly identifying if the statement is true or false. 2 points for an appropriate explanation for your answer. Better explanations will earn more points.) a. (2.5 points) A firm operating in a perfectly competitive industry should shut-down if it starts to earn negative profits in the short-run. b. (2.5 points) If a profit-maximizing monopolist operates on the elastic portion of the demand curve, then it should reduce the price to earn more revenue. c. (2.5 points) Second-degree price discrimination is also called perfect price discrimination as it turns all the consumer surplus into producer profit. d. (2.5 points) When the average product increases, the average variable cost decreases.

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