Question

14. Here are several statements about the demand and output of a monopoly producer: 1. For a monopolist, the change in total revenue brought about by producing an extra unit of output is always less than the current price of that output. II. A monopolist will maximize profit at the output where marginal revenue is as high as possible above marginal cost III. A monopoly firm will maximize profit by producing where demand is inelastic Which of the above statements are true? A) I only B) II only C) III only D) I and II E) I and III F) II and III G) I and II and III ) none of the statements are true