Suppose you own the patent for a new type of bicycle light, hence giving you a monopoly over the industry. If you lower the price of the lights from $10 to $9, then we know for sure that at the new price: a) marginal cost is more than $9. b) marginal cost is less than $9. c) marginal revenue is less than $9. d) marginal revenue is more than $9. e) None of the above.
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