True/False: Consider two different firms with identical production functions (but you do not know what the production functions are). The firms are doing static optimization (as opposed to dynamic optimization, where there are many time periods). Suppose one firm chooses to maximize profits and the other firm chooses to minimize costs, subject to producing the profit-maximizing level. Both firms will produce the same output.

Answer: False. Consider the case where both firms have constant returns to scale (CRS) technology, and the zero profit condition holds. Then any amount of output is profit maximizing. For example, one firm could produce 0 units of output, and the other firm could produce 5 units of output, and both firms would have the same profit. Hence the statement is false.