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True or False, If False, provide a counterexample

Economics

True or False, If False, provide a counterexample.

1. Short run economic costs must be lower than long run economic costs because long run economic costs include the cost of inputs that are fixed in the short run (and thus are not part of short run cost).

2. The long run market supply curve is formed by adding up individual firm supply curves in the industry.

3. If all firms are identical, output prices will never change.

4. Aggregate producer surplus in an industry is measured along the market supply curve and and only if firm production technologies exhibit the quasilinearity property.

5. If the individuals in a group of consumers have identical tastes, then the group can be treated as if it behaved as a single representative consumer.

6. A "social planner" is a fictional societal planner who would always choose the same outcome as the competitive market.

7. In a perfectly competitive market with identical firms, all surplus will be consumer surplus in long run equilibrium.

8. When price elasticity is less than -1, consumer spending increases as price falls.

9. Depending on the shape of the marginal cost curve, a monopolist might produce an output level on the elastic or the inelastic part of demand.

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