(Figure: Profit-maximizing Quantity and Price II) Which of the following statements is (are) TRUE? I. If the firm is producing 5 units of output, it should expand output to increase profits because P > MC. II. At a price of $16, the firm's profits would rise if it raised its price. III. The profit-maximizing quantity is 600 units. IV. The profit-maximizing price is $13. Group of answer choices III I and III IV