Firm A is a monopoly. The demand for its output is p = 90 - Q. Production is such that Q = L. Firm A hires labor in a competitive market where the wage is $10. Firm A will hire

In order to maximize its profit, a single-price monopoly always produces output in the inelastic range of the demand for its product

Indicate whether the statement is true or false

Demand curves slope downward to the right

a. True b. False Indicate whether the statement is true or false