State whether the following statements are true or false, and explain why. (LO1, LO2) a. In a…

State whether the following statements are true or false, and explain why. (LO1, LO2) a. In a perfectly competitive industry, the industry demand curve is horizontal, whereas for a monopoly it is downward-sloping. b. Perfectly competitive firms have no control over the price they charge for their product. c. For a natural monopoly, average cost declines as the number of units produced increases over the relevant output range

 

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