First choose correct option and explain step by step By with reason

QUESTION 20 Consider the following two sintoments: A F im in a compe love market might try to diflerentiain its product in an effort to develop some market power, subject to the extent to which consumers will value the differentiation. Il. Holding demand and marginal costs constant, duopolist fime would prefer to be a monopolist regardless of the nature of strategic interaction between the duopolis: fins. O Both L and Il. are true O Both L and Il, are fabio QUESTION 21 Which of the following firms would be most likely to have monopoly power? On A large retail store Ob, A large supermarket chain Go A local water company O d It is not possible to predict monopoly power by an individual firm O's. A convenience whore