Which of the following is TRUE? Group of answer choices In perfect competition, there are many sellers and buyers and price is equal to marginal cost Factor of production and factor payments are related since factor payments are the reward or payments for factor of production Monopoly is the only company in the industry or has a huge market share of the ndustry. For example Pepsi Elastic demand is when the elasticity of supply is greater than one, indicating a high responsiveness of quantity demanded or supplied to changes in price