Select whichever statement is correct with regard to target costing.$($Select "Yes" if the statement is correct, and $"$No$"$ if it is incorrect.$)$

The concept of target costing is useful in a monopoly market.Target costing does not depend upon the selling price.The objective of target costing is that the product can be manufactured at a cost that will enable a firm to make a profit when the product is sold at an estimated market$-$driven price.The cost at which the product must be manufactured is called the target cost.