Explain in detail the Bold part of the statement whether it is True or False.
1) In short-run production with two inputs where land is a fixed input and labor is a variable input, the relationship between marginal product of labor and marginal cost of production is positive.
2) In short-run production with two inputs where land is a fixed input labor is a variable input, once the marginal products of labors start to diminish, firms in perfectly competitive markets must stop hiring additional labors.
3) In a monopoly market, as long as marginal cost of production is lower than the product price, firms should increase the quantity of outputs produced in order to maximize (minimize) their profits (losses).
4) In a perfectly competitive market, if consumers have different willingness to pay, price discrimination is a better strategy than non-price discrimination.