A monopolist will maximize profit

1.where total revenue is maximized

2.where the slope of the total revenue function equals the slope of the total cost function

3.where average cost is at a minimum

4.where all the above are true

2.in the long run, a profit maximizing monopoly produces an output volume that

1.equates long run marginal cost with marginal revenue

2.equates long run average total cost with average revenue

3.assures permanent positive profit

4.is correctly described by both 1 and 3

3.all of the following are true about monopolist except

1.average and marginal revenue are not the same

2.marginal revenue is greater than price

3.marginal revenue is zero if price eslasticity of demand equals 1

4.marginal revenue decrease with increase in output