Graphically, to find the profit-maximizing price for a monopoly, find the output level where MC = MR and draw a line from that output level vertically to the demand curve

A conspiracy among firms to fix prices was outlawed by the Sherman Antitrust Act

a. True b. False Indicate whether the statement is true or false

If the United Auto Workers union can obtain a substantial wage increase for auto workers, there will be

a. a decrease in the supply of automobiles, which is a shift to the right of the supply curve. b. a decrease in the supply of automobiles, which is a shift to the left of the supply curve. c. an increase in the supply of automobiles, which is a shift to the right of the supply curve. d. an increase in the supply of automobiles, which is a shift to the left of the supply curve.