When firms do not collude in a game-playing market environment, firms end up with low prices and high output levels

If a firm's marginal revenue is greater than its marginal cost, then:

a. each added unit of output will reduce profits. b. the firm is maximizing profit. c. an increase in output will add more to revenue than to cost. d. an increase in output will add more to cost than to revenue. e. a fall in output will add more to revenue than to cost.

If a monopolist faced a downward sloping average cost curve that lies fully above market demand, he will not produce if he can only charge a single per-unit price, but it would also be inefficient for him to produce.

Answer the following statement true (T) or false (F)