Firms in Competitive Markets

Indicate if the following opinions are TRUE or FALSE. Explain your answers must provide a reference 

1 A perfectly competitive firm can never submit an IRS return declaring a profit.

2 A perfectly competitive firm only cares if the costs are not below the price.

3. A firm that is in a Perfect Competitive market does not care about competitors because all the firms obtain the same price.

4. In Perfect competition it has no sense to make promotions or attract customers with marketing techniques.

5. In a Perfect Competitive Market, profits are low.

6. In a Perfect Competitive Market, a firm can produce corn when prices are high and not produce when prices are low (instead, they produce cattle).