Please answer in detail and with economic terms rather Than general.

. For the following, please answer "True" or "False" and explain why. i. Since there are no close substitutes for the monopoly's product, the monopoly can charge any price it wishes. [1.5 points] ii. A monopoly always operates in the inelastic portion of its demand cu rye. [1.5 points] iii. A monopoly does not have a supply curve. [1.5 points] iv. A perfect price discriminator receives a price equal to marginal revenue for each unit. [1.5 points] C. Figure 2 shows the situation facing Lite and Kool, Inc., a producer of running shoes. Figure 2 Price and cost (dollars per pair] 80 60 40 20 X MR O 50 100 150 200 250 Quantity (pairs of running shoes per week) i. What quantity does Lite and Kool produce? [1.5 points] ii. What is the price of a pair of Lite and Kool shoes? [1.5 points] iii. What is Lite and Kool's economic profit or economic loss? [1.5 points] iv. In the market for running shoes, all the firms face a similar demand curve and have similar cost curves to those of Lite and Kool in part D. What happens to the number of firms producing running shoes and the price in the long run? [1.5 points]