Consider the following statements:

1. Profit-maximization for all firms occurs where MR = MC.

2. Profit-maximization for all firms occurs where P = MC.

3. When MC > 0, profit-maximization will always occur in the elastic portion of the demand curve.

Which of the following answer choices are correct?

Group of answer choices:

Statements 1, 2, and 3 are all true.

Only statements 1 and 2 are true.

Only statements 1 and 3 are true.

Only statements 2 and 3 are true.

Only statement 1 is true.

Only statement 2 is true.