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Tell whether each of the following statements is TRUE or FALSE

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Tell whether each of the following statements is TRUE or FALSE. If the statement is false, explain why.

1. Because a monopolist faces a downward-sloping demand curve for its product, the phenomenon of diminishing marginal product does not apply to a monopolist.

2. Marginal Cost is the slope of both the Total Fixed Cost curve and the Total Variable Cost curve.

3. For a firm in perfect competition, price equals marginal revenue in both the short run and the long run.

4. In the short run, a firm in perfect competition should shut down if price is not at least as high as average total cost.

5. If the demand curve for monopolist's product fits the equation P = 45 - Q and total cost equals 5Q, the profit-maximizing level of output if the firm changes all customers the same price is 20.

6. The marginal curve cuts both the average variable cost curve and the average total cost curve at their minimum points.

7. If the marginal cost is rising as output increases, average total must also be rising.

8. The demand curve for a perfectly competitive firm's product is horizontal in the long run but not in the short run.