Answer true or false and explain your answer: Monopolists must choose both price

Answer true or false and explain your answer: Monopolists must choose both price and quantity but competitive firms only choose quantity.Describe to your grandmother (or to mine if yours happens to be an economist) why marginal revenue must be equal to marginal cost at the profit-maximizing level of output.Calculate the elasticity of demand at your profit-maximizing level of output. Use the point elasticity formula. Is demand elastic or inelastic at the optimal price? Why?Suppose the government imposes a new fixed tax of $10 per round as an operating fee regardless of the amount produced. Consider the following questions: