Question: Are each of the following assertions TRUE, FALSE, or UNCERTAIN? Explain answers with graphs also!

1. If a firm is operating with constant marginal cost, it will also have constant average cost. .
2. If marginal cost is increasing, average cost will also be increasing.
3. If a product requires two inputs for its production, and if the prices of the two inputs are equal, profit maximization requires that these inputs be used in equal amounts.
4. If a firm is operating at minimum short-run average cost, it is also operating at a point on its long-run average cost curve.
5. Long-run average cost can never exceed short-run average cost. .
6. Long-run marginal cost can never exceed short-run marginal cost.

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