1) At zero units of output, if total cost is equal to $250, variable cost is equal to $250 - true - false i chose TRUE 2) The factor that differentiates the short run from the long run is the existence of fixed inputs in the short run but in the long run all inputs are variable - true - false i chose TRUE 3) Variable costs vary with the level of production. - true - false i chose TRUE 4) When the ATC curve is rising, the MC curve will lie below it. - true - false i chose FALSE 5) Which of the following statements describes a firm operating in a perfectly competitive market? a) The firm's product has no good substitutes b)There are very strong barriers to entry c) The firm has no market power d) The firm faces a downward sloping demand curve thanksss alott