Explain why each of the following statements are false. For each, write the correct statement. A monopolist maximizes profits when MC=P b.

Explain why each of the following statements are false. For each, write the correct statement.a. A monopolist maximizes profits when MC=Pb. The higher the price elasticity, the higher is a monopolist's price above its MC.c. Monopolists ignore the marginal principle.d. Monopolists will maximize sales. They will therefore produce more than perfect competitors and their price will be lower.