Diminishing marginal product implies that output decreases as prices are lowered. Select one: True False In a perfectly competitive market, products are differentiated. Select one: True False A monopolist produces 14,000 units of output and charges 514 per unit. Its MR is $10, its MC is $10, its ATC is $12 and AVC is $9, then total profit is: Select one: a $70000 b. $56000 O c. $14000 Od $28000 The monopolist can earn profit in the long run due to high barriers to entry. Select one: True False