Answer the following statement(s) true (T) or false (F)

1. In a perfect competition, profits continue indefinitely.
2. Patents allow firms to price their products below marginal costs.
3. The equilibrium price is the same whether a firm has a monopoly or is engaged in perfect competition.
4. Monopolists stop producing when price exceeds marginal cost.
5. Monopoly profits are inefficient.


1. FALSE
2. FALSE
3. FALSE
4. FALSE
5. FALSE

Economics

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