Which of the following statements is false? 9) a. A profit maximizing firm still sets output such that marginal revenue equals marginal cost. b. In the long run, a firm maximizes profits when marginal...

Which of the following statements is false?

9)

a. A profit maximizing firm still sets output such that marginal revenue equals marginal cost.

b. In the long run, a firm maximizes profits when marginal revenue = marginal cost.

c. In the long run, a firm's supply curve is represented by the marginal cost curve above the long-run average variable cost curve.

10. Assume the market for wheat is perfectly competitive and currently in equilibrium. If the demand shifts
upward while the supply remains the same then:

a. we can be certain the equilibrium price will decrease.
b. we can be certain both the equilibrium price and quantity will increase.
c. we can be certain the equilibrium quantity will decrease.