Please determine whether the following statements are true, false, or uncertain. Your grade will depend on your explanation. Use up to 200 characters in your answers.

1. Suppose that the price elasticity of demand for a product is higher in Market A compared to Market B. Then, the optimal pricing strategy is always to charge a higher price in Market B.

2. Because of the law of demand, the income elasticity of demand is always negative.

3. Since for a company such as Spotify, the marginal cost of having one more customer is zero, the optimal price is equal to the average cost plus some markup which we obtain from what other firms do in the industry.

4. Game theory is only useful if every player has a "dominant strategy."

5. Some technologies are characterized for using factors of production in fixed proportions. However, this cannot be captured by a Cobb Douglas production function.

6. A profit-maximizing monopolist will always set prices so that the markup over total costs is larger than one in absolute value.

7. A profit-maximizing monopolist operates in the inelastic portion of the demand curve only when it produces a luxury good.

8. In general, the price elasticity of demand for an industry is smaller (in absolute terms) than the price elasticity of demand of firms within that industry.

9. If the marginal cost curve slopes upward, then we have to revise the marginal revenue equals marginal cost principle, and start considering fixed costs.

10. The average cost can never be equal to the marginal cost.