3 Say whether the following is true or false. Explain it briefly (For a true statement, an explanation is not necessary. For a false statement, no explanation, no credits!) (a) At a monopoly's profit...

Extracted text: 3 Say whether the following is true or false. Explain it briefly (For a true statement, an explanation is not necessary. For a false statement, no explanation, no credits!) (a) At a monopoly's profit maximizing output, the price elasticity of demand (| ɛ ) is less than 1. (b) Cournot duopoly. A leader in the Stackelberg outcome would be worse off if the market changes to a