A monopolist faces the demand function given by q = 12 - 2p and has the * 1 point total cost function below. Which of the following statement is true?
c(q) = q³ - 6q² + 12q O The profit function is convex on its domain. O At q = 1, marginal revenue is lower than marginal cost, so that the profit function is increasing. O At q = 2/3, marginal revenue is equal to marginal cost, so that profit is maximized. O The profit function is quasiconcave on its domain. O At the profit-maximizing output, the demand is elastic.