The figure above shows the demand and cost curves for a single-price monopoly. Which of the following statements is FALSE? CO The firm will make an economic profit. The firm is a not a natural monopoly. O The firm will set price where demand is elastic. O To maximize its profit, the firm will set marginal revenue equal to zero by producing 12.5 units.

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The theory of absolute advantage was given by Adam Smith in the year 1776.