Question: 2.1 Do you agree or disagree with each of the following statements? Explain your reasoning. a. For a monopoly, price is equal to marginal revenue

2.1 Do you agree or disagree with each of the following statements? Explain your reasoning.

a. For a monopoly, price is equal to marginal revenue because a monopoly has the power to control price.

b. Because a monopoly is the only firm in an industry, it can charge virtually any price for its product.

c. It is always true that when demand elasticity is equal to -1, marginal revenue is equal to 0.

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