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Which of the following statements is TRUE regarding collusion, Bertrand (identical products) , and Cournot competition?
I. Prices are highest in collusion, next highest in Cournot, and lowest in Bertrand.
II. Output is highest in Bertrand, next highest in Cournot, and lowest in collusion.
III. Profit is highest in Bertrand, next highest in Cournot, and lowest in collusion.
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