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VESTION TE A firm in a perfectly competitive marketplace can do all of the following EXCEPT O choose output to maximize profit O choose Inputs to minimize costs O choose prices to maximize profit O choose inputs to use in creating output. O choose where and when to locate production activities QUESTION 19 The purpose of this question is to match real-world industries to market structures discussed in BECO 3310. Select the best match for each of the listed Industries to current market structure. soybean farming A dominant firm and competitive fringe -municipal water and sewer system B. cartel diamond mining C. perfect competition Exnaval construction of aircraft carriers in the United States D. natural monopoly E duopoly F. bilateral monopoly QUESTION 20 Consider the following statements. I. A duopolist competing strictly on price is no better off than a firm in a perfectly competitive marketplace Il. Being a price leader yields higher profits than being a price follower. O Both I. and II. are true O L. is true, II. is false. O I. is false, II. is true Both I. and II. are false