For each of the following, indicate whether the statement is True, False, or Uncertain, and explain your answer. (No credit will be given without an explanation.)
In the long run, firms will enter an industry if p < LAC.
Under perfect price discrimination, monopoly is efficient.
In the Stackelberg model of duopoly, it is better to be the follower than the leader since the follower gets to observe the leader’s behavior.
Isoquants do not touch the axes.
Fixed costs change as quantity produced increases.