8. Determine whether the following statements are true, false or uncertain. Give reasons for your answer. In the long run a perfectly competitive firm experiences excess capacity. ii. For a perfectly...

Extracted text: 8. Determine whether the following statements are true, false or uncertain. Give reasons for your answer. In the long run a perfectly competitive firm experiences excess capacity. ii. For a perfectly competitive firm, P = AR = MR = MC in the long run but not in the short run. i. iii. Firms both in perfectly competitive industry and monopolistically competitive industry earn zero accounting profits in the long run. iv. When MC is greater than MR, firms should increase production as it will increa their profits. There is no supply curve for a monopolistically competitive industry. se V.